A technical rally boosted oil futures prices.
Oil futures prices dipped in early trading but recovered with a small gain for the day in what analysts described as a technical rally. On the New York Mercantile Exchange, contracts for May delivery of West Texas Intermediate, the main U.S. grade of crude, closed at $11.75, up 28 cents from Wednesday’s close. Among refined products, May contracts were mixed. Unleaded gasoline sold for 39.30 cents a gallon, down from 39.75 cents Wednesday, while heating oil was up fractionally to 37.38 cents a gallon from 37.35 cents.