BANGKOK (AP) — The price of oil rose Monday as traders returned to commodities after big sell-offs last week.
Benchmark crude for May rose 41 cents to US$88.42 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contact rose 28 cents to finish at $88.01 per barrel on the Nymex on Friday.
Analysts said relatively low prices rekindled interest among buyers. Traders cautiously returned to buying certain key commodities Friday, including gold and oil, after big sell-offs.
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