NEW YORK, March 18 (Xinhua) -- The U.S. oil price pared early losses and gained on Monday as concerns over the bailout plan for Cyprus eased.
Oil prices opened sharply lower on Monday, impacted by Cyprus' plan to vote on a one-off levy on bank deposits as part of a financial bailout. The proposal must be passed by the country's parliament, and the vote has been postponed until Tuesday.
Traders worried that authorities might go after depositors in other eurozone countries, prompting cash withdrawals from banks and capital flight from weaker European economies.
The Asian and European stock markets fell sharply on Monday, but oil prices managed to recover most of the early losses.
Oil gained support from signs of continued U.S. economy recovery, which is expected to boost future oil demand. The U.S. jobless rate in February fell to a four-year low of 7.7 percent.
The oil prices were also underpinned by rate decisions from major central banks. The U.S. Federal Reserve has pledged to continue to buy bonds, while the European Central Bank has kept its key interest rates at the lowest level.
Light, sweet crude for April delivery rose 29 cents, or 0.31 percent, to settle at 93.74 dollars a barrel on the New York Mercantile Exchange.
Brent crude for April delivery fell 31 cents, or 0.28 percent, to close at 109.51 dollars a barrel.