The price of oil rose slightly today as data pointing toward an improvement in the US economy raised expectations of an increase in energy demand.
Benchmark oil for July delivery was up 3 cents to $93.16 a barrel in electronic trading on the New York Mercantile Exchange.
The contract fell $1.88 to close at $93.13 a barrel yesterday on concerns that the US Federal Reserve may ease up on its stimulus measures and that the Wall Street rally was cooling.
Brent crude, a benchmark for many international oil varieties, rose 32 cents to $102.75 a barrel on the ICE Futures exchange in London.
Analysts said that they believe US economic indicators make a convincing case for recovery and that energy demand will grow in step with an improving economy. On Tuesday, reports showed that consumer confidence was stronger and home prices were rising at their fastest rate in seven years.
