Oil Rises From Two-Week Low
Oil rose from a two-week low in early trading Monday on forecasts that U.S. fuel supplies are declining, Bloomberg reported.
Crude futures increased to $105.10 a barrel on the New York Mercantile Exchange, up 40 cents from Tuesday’s closing price, Bloomberg said.
Oil had remained above the $105 mark for more than two weeks before slipping to $104.70 on Tuesday, the lowest closing price since $103.24 on Feb. 17.
On Feb. 24, crude finished at $109.77, the highest closing price since May 2011, according to Bloomberg Nymex figures.
