WTI up in late session gains

Crude oil prices spent most of the session lower Tuesday as the dollar strengthened, making oil more expensive for buyers using other currencies, but by the close of trade in New York prices had risen slightly from Monday’s close.

Analysts put most of the late gains to optimism that new plans to help banks will help the financial sector out of crisis.

May contracts for West Texas Intermediate crude traded 18 cents higher to $53.98 per barrel at the close of floor trade on the New York Mercantile Exchange while Brent crude took back declines to end even at $53.47 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline futures were up a cent to $1.50 per gallon while May heating oil added 3 cents to $1.51 per gallon and May natural gas gained 6 cents to $4.44 per million British thermal units.

At-the pump prices for gasoline in the United States also added a cent overnight to $1.966 per gallon on average, according to AAA, putting the retail price of gas approximately 5 cents higher than it was a month ago as the summer driving season in the US approaches, but pump prices remain around $1.30 lower than they were last year at the same time.