Oil prices up again
NEW YORK, United States – OIL prices rose more than two per cent yesterday, rebounding from a two-week slump as stock markets rallied and the dollar fell.
The turnaround comes amid last-minute deal making on the final day of the May contract. Experts said oil prices probably won’t move much higher in the next few months, making a summertime spike in gasoline and other fuels less likely.
Benchmark crude for May delivery added US$2 to settle at US$83.45 a barrel yesterday on the New York Mercantile Exchange. Most of the trading had already shifted to the June contract, which increased 72 cents to settle at US$83.85 a barrel.
Oil prices have cooled off over the last two weeks. They’ve tumbled for eight of the past nine trading days since hitting US$87 a barrel earlier this month.
Analysts say the volcanic eruption in Iceland that shut down air traffic in much of Europe since last week cut demand for jet fuel.
