Business

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.

Advertisement

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.

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

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

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

Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.