Benchmark oil rises to highest price since January

Benchmark oil rises to highest price since January

NEW YORK (AP) — Oil prices are climbing to the highest level in a month on expectations that supplies will tighten this spring.

European leaders said today that they were optimistic about a second bailout for Greece, easing fears of a banking crisis that would sap energy demand.

Meanwhile, banks are helping Western nations slow Iranian oil sales to hobble funding for Iran’s nuclear program.

Investors are betting that developments in Europe and Iran will keep supplies tight in coming months. That’s helped push U.S. and international oil prices higher this year.

Benchmark U.S. crude rose 61 cents to $102.92 in New York. That’s the highest price since the middle of January.

Retail gasoline prices rose less than a penny to a national average of $3.53 per gallon.