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