AP: Oil rises above US$84 in Europe as stocks rally on earnings, airports open in Europe
AP () - - Oil prices have advanced past US$84 a barrel as stock markets rally on strong corporate earnings and more airports opened in Volcanic ash stricken Europe, easing fears of dampened demand for crude.
By early Wednesday afternoon in Europe, benchmark crude for June delivery was up 20 cents at $84.05 in electronic trading on the New York Mercantile Exchange. It rose 72 cents to settle at $83.85 a barrel on Tuesday. Trading in the May contract has now shifted to the June contract.
In other Nymex trading in May contracts, heating oil rose 1.78 cents to $2.1980 a gallon and gasoline gained 1.01 cents to $2.2910 a gallon. Natural gas fell 1.7 cents to $3.958 per 1,000 cubic feet.
In London, Brent crude's June contract was up 61 cents at $85.41 on the ICE futures exchange.
