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Oil rises on euro gains; ends at $97.03

Benchmark oil gained $1.31 to finish at $97.03 a barrel on the New York Mercantile Exchange.

The Associated Press

2/11/2013

NEW YORK — The price of oil rose more than $1 a barrel Monday as the euro strengthened against the dollar.

The euro rose to $1.3415 against the dollar from $1.3363 late Friday in New York. A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper — and a more enticing investment — for traders using currencies other than the greenback.

Benchmark oil gained $1.31 to finish at $97.03 a barrel on the New York Mercantile Exchange.

In London, Brent crude, used to price international varieties of oil, fell 77 cents to end at $118.13 a barrel on the ICE Futures exchange.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 4 cents to finish at $3.02 a gallon.

— Natural gas rose less than a cent to end at $3.28 per 1,000 cubic feet.

— Heating oil gave up less than a penny to finish at $3.23 a gallon.

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