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Oil prices up slightly as uncertainty over Cyprus keeps energy markets on edge
BANGKOK - The price of oil rose slightly Friday after a big dip as the financial crisis in Cyprus kept traders on edge.
Benchmark oil for May delivery was up 13 cents to US$92.59 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract shed 1 per cent on Thursday, falling $1.05 to finish at $92.45.
The European Central Bank has threatened to end emergency support of Cyprus's banks next week unless leaders can secure more funding.
Cyprus must raise about 5.8 billion euros ($7.5 billion) by Monday to avoid bankruptcy. Several plans have failed, including a proposal to tax deposits in the nation's banks. If the Mediterranean country is unable to secure a bailout, its banks will fail and it could be forced to leave the euro currency.
Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 22 cents to $107.61 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline fell 1.3 cents to $3.057 a gallon.
— Heating oil fell 0.2 cent to $2.894 a gallon.
— Natural gas was nearly unchanged at $3.942 per 1,000 cubic feet.
(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)
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