Oil above USD 94 on US data, hope of EU rate cut

The price of oil rose above USD 94 per barrel today as positive US economic data added to optimism for a rate cut in Europe.
By midday in New York, benchmark crude for June delivery was up 90 cents to USD 93.90 a barrel, after earlier reaching USD 94.39 earlier in the day.
The US government said Americans spent more in March as their incomes went up. And pending home sales hit their highest level in three years.
Traders also think the European Central Bank will cut its benchmark interest rate from the current record low of 0.75 per cent to 0.50 per cent, in a further attempt to turn around the economy there.

A weaker dollar also helped boost oil prices by making crude priced in dollars cheaper for traders using other currencies. Today, the euro was up to USD 1.3082 from USD 1.3065 late Friday in New York.
Brent crude, which is used to price oil from the North Sea used by many US refiners, was up 24 cents to USD 103.40 on the ICE Futures exchange in London.