Oil price rose to near US$94 a barrel on Monday. Oil on the Nymex rose to US$93.67 a barrel, while Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up $1.34 to $105.46 on the ICE Futures exchange in London.
The price of oil last week fell after a weak jobs report cast doubt on the strength of the U.S. economy. The Labor Department reported the economy added 88,000 jobs in March, the fewest in nine months. The U.S. Energy Department last week reported that crude in storage was at its highest level since 1990 even though refiners had begun to ramp up gasoline production to get ready for the summer driving season.