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Oil rises amid pre-weekend short-covering

Business Materials 21 May 2011 04:59
Crude prices rose on Friday amid the pre-weekend short-covering ahead of the expiration of front- month June contract at the close, Xinhua reported.
Oil rises amid pre-weekend short-covering

Crude prices rose on Friday amid the pre-weekend short-covering ahead of the expiration of front- month June contract at the close, Xinhua reported.

Investors returned back to crude markets at the low prices. Oil lost 1.66 percent in the previous session as weak economic data caused demand fears and the International Energy Agency suggested members raise oil supplies.

Light, sweet crude for June delivery rebounded 1.05 dollars, or 1.07 percent to settle at 99.49 dollars a barrel on the New York Mercantile Exchange. For the week, U.S. crude benchmark edged down 16 cents, or 0.16 percent, after seesawing from 96.91 dollars to 100.10 dollars.

In London, Brent crude for July delivery gained 97 cents, or 0. 86 percent to settle at 112.39 dollars a barrel. For the week, front-month Brent fell 1.44 dollars, or 1.27 percent, trading from 109.99 dollars to 112.73 dollars.

In other markets, the gasoline June future rose 0.33 percent to close at 2.9358 dollars a gallon, and the heating oil gained 0.82 percent to settle at 2.9183 dollars a gallon.

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