Oil nearly unchanged as Cyprus worries grow

Oil prices were nearly unchanged on Friday after a big dip the day before as the financial crisis in Cyprus kept traders on the edge.

Benchmark oil for May delivery was up 2 cents to $92.47 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract shed 1 per cent on Thursday, falling $1.05 to finish at $92.45.

The European Central Bank has threatened to end emergency support of Cyprus's banks next week unless leaders can secure more funding.

Cyprus must raise about 5.8 billion euros ($7.5 billion) by Monday to avoid bankruptcy. Several plans have failed, including a proposal to tax deposits in the nation's banks. If the Mediterranean country is unable to secure a bailout, its banks will fail and it could be forced to leave the euro currency.

Brent crude, used to price many kinds of oil imported by US refineries, fell 38 cents to $107.01 a barrel on the ICE Futures exchange in London.