Oil above US$90 as US cuts cause jitters

Benchmark oil for April delivery was up 46 cents to US$90.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. On Monday, the price fell as low as US$89.33 per barrel before finishing on the Nymex at US$90.12.

Monday's drop was attributed to the introduction in the U.S. of US$85 billion in automatic government spending cuts, which could hurt the world's leading economy.

The oil market will be watching for signs that a deal to claw back the cuts might be in the works.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 79 cents to US$110.88 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 1.1 cent to US$3.109 a gallon.

— Heating oil rose 1.3 cents to US$2.932 a gallon.

— Natural gas gained 5.2 cents to US$3.575 per 1,000 cubic feet.

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