The price of oil rose to around $93 a barrel Wednesday as energy markets appeared to set aside worries about the financial crisis in Cyprus and look to the U.S. Federal Reserve for signs about the future of its stimulus program.

By early afternoon in Europe, benchmark oil for April delivery was up 89 cents to $93.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 to finish at $92.16 on Tuesday.