Mark Brooks

Such scenes are happening everywhere in Cyprus, one of the many everyday problems that are having a crippling effect on the economy as a bailout crisis keeps banks closed for more than a week.

By early afternoon in Europe, benchmark oil for May delivery was up 35 cents to $92.81 a barrel in electronic trading on the New York Mercantile Exchange.

The national average price of gasoline is $3.69 per gallon and forecast to creep higher, possibly approaching $4 by May.

In other agriculture trading, wheat fell and corn edged higher.

A regulatory document filed Wednesday shows that the billionaire hedge fund manager will be paid an annual base salary of $1, but with the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

Traders awaited a solution to a financial crisis in Cyprus that has raised fears of a destabilizing exit of the country from the euro.

The draft law approved by the parliament's economic committee follows legislation that limits bankers' bonuses to a maximum of twice one year's base salary.

The measure, similar to previous plans offered by Budget Committee Chairman Paul Ryan, R-Wis., demonstrates that it's possible, at least mathematically, to balance the budget within a decade without raising taxes.

The bipartisan 318-109 vote sends the measure President Barack Obama to be signed into law.

Facing the ultimatum, the Cypriot government was racing to cement a new package that will please both Parliament and the country's potential international creditors.

The officials said the new "Plan B" includes some Russian assistance and a smaller bank deposit tax. Parliament is expected to vote on the new bill Thursday.

May copper rose 4.1 cents, or 1.2 percent, to $3.4465 per pound. The contract closed at $3.405 Tuesday, its lowest price since Aug. 20.

A federal judge heard testimony by more than a dozen witnesses called by the Justice Department and private attorneys for Gulf Coast residents and businesses.

The cash-strapped lenders have been closed since Saturday to avoid a bank run.

Chamber leaders announced Wednesday afternoon that a logjam that has stalled the bill since Tuesday had been broken and that the measure would pass by late afternoon and return to the House, where a vote on Thursday would send it to President Barack Obama for his signature.

No policy change is expected, but investors will be closely watching Fed Chairman Ben Bernanke's press conference Wednesday afternoon for clues about how the U.S. economy is doing.

By early afternoon in Europe, benchmark oil for April delivery was up 89 cents to $93.05 a barrel in electronic trading on the New York Mercantile Exchange.

Tuesday's decisive rejection of the plan to take a slice of all deposits above 20,000 euros ($25,888) has left the country's bailout in question.

The rejection leaves Cyprus's bailout in question.

The government presented a plan over the weekend to dip directly into people's Cypriot bank accounts in order to contribute €5.8 billion ($7.5 billion) out of a €15.8 billion bailout. The move has caused an uproar.