Crude Prices Extend Gains For The Second Day (11 May '11)

Crude prices ended higher for a second day on Tuesday, extending the bounce back from last week's huge plunge, as strong trade data from China eased worries about slowing growth curbing global oil demand and supported by a surge in gasoline futures after a report that the Mississippi River floods are curtailing refinery operations. Traders were eying the American Petroleum Institute’s data of crude inventories for further cues.

Benchmark crude for June delivery settled at $103.88 a barrel, gaining $1.33, or 1.3 percent, after trading between a range from $100.12 to $103.95 on the New York Mercantile Exchange. In London, ICE Brent for June delivery settled at $117.63 a barrel, gaining $1.73, or 1.49 percent on the ICE.