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    Oil ends higher after early decline

    NEW YORK — The price of oil reversed sharp early losses and finished higher Monday as nervousness over a bailout plan in Cyprus abated.

    Benchmark oil for April delivery­ rose 29 cents to end at $93.74 a barrel in New York. It had dropped as low as $91.76 earlier in the day.

    Traders initially worried about possible fallout from a plan to pay for a bailout for cash-strapped Cyprus by slapping a tax on deposits in the country’s banks. Some bank customers withdrew as much of their cash as they could; the fear was the panic could spread to other countries.

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    Stock markets in Asia and Europe fell sharply. But as US markets recovered from an early decline, oil started to rise.

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    AAA Southern New England reported Monday that the average cost of a gallon of self-serve, regular has fallen to $3.65 in the past week. Nationally, the average price for a gallon of gas held steady at $3.69.

    Associated Press