Oil Prices Gain For First Day In Six
Oil prices rose for the first day in six with speculation of an increase in demand limting increases in gasoline inventories.
Light, sweet crude for May delivery went up 18 cents, Heating oil increased about one cent, and unleaded gasoline went up about one penny to $1.5586. Brent crude increased 11 cents.
According to an article at ABC News,
“On Monday, crude prices rallied late in the New York session and settled up 39 cents at $53.71 per barrel, breaking a six-day decline in prices. The close was more than $4 below the intraday peak, though prices remain around 40 percent above year-ago levels.
In its report, the Paris-based IEA suggested that rising U.S. interest rates and energy costs would reduce world hunger for oil this year. “
Markets are expected to ease in the coming weeks, some analysts believe.
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