Oil Rises from Three-Month Low
Oil rebounded from a three-month low in early trading Wednesday, rising almost $2 to near $99 a barrel, Bloomberg reported.
Crude futures had declined 46 cents Tuesday to finish the New York Mercantile Exchange trading day at $96.91 a barrel, the lowest closing price since Feb. 28, Bloomberg figures showed.
Slack demand and weak economic data have contributed to crude’s 15% decline thus far in May, analysts told Bloomberg. Oil has plunged nearly $17 since the end of April when futures closed at $113.93 a barrel, the highest since September 2008.
U.S. gasoline futures also continued to decline, a day after slipping almost 5% as the threat of flooding for Mississippi River delta refineries due to regional flooding diminished, Bloomberg said.
The Department of Energy will release its weekly inventory report on crude, distillates and gasoline Wednesday morning in Washington.
