Tuesday March 3, 2009, 4:04 pm EST
COLUMBUS, Ohio (AP) -- Oil prices rose in volatile trading Tuesday, partially offsetting an enormous sell-off that started the week.Benchmark crude for April delivery rose $1.50 to settle at $41.65 a barrel on the New York Mercantile Exchange. In London, Brent crude rose $1.49 to settle at $43.70 on the ICE Futures exchange.
Crude prices have made modest recoveries after large downward movements in recent weeks, but the trend still is lower. The price for U.S. benchmark crude is down 6 percent from its opening Monday.
"There is nothing to get excited about from a demand standpoint," said analyst and trader Stephen Schork.
But it also does not look like prices are headed much lower, he said. Investors also understand how bleak the economy is and the unemployment picture.
"It's all been priced in," he said. more...
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