Oil prices pushed back above $93 per barrel Monday as sentiment in financial markets was shored up by the formation of an Italian government and expectations of an interest rate reduction from the European Central Bank later this week.
By early afternoon in Europe, benchmark crude for June delivery was up 35 cents to $93.35 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 64 cents to close at $93 in New York on Friday after figures showed the U.S. economy grew by an annualized rate of 2.5 percent in the first three months of the year.
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