11 May '11, 2am

Oil prices fall in volatile trade

NEW YORK: Oil prices climbed late Tuesday after trading lower for most of the day, encouraged by strong trade numbers from China that showed its economy is still growing strongly. Concerns about the impact on Mississippi corridor refineries of the river's worst flooding since 1925 also helped move prices up, though they were still far below last week's peak. In New York, West Texas Intermediate crude for June delivery surged $1.33 to $103.88, after dropping to $100.12 early in the day. In two days, WTI has recovered $6.70 a barrel following last week's nearly $17 dollar plunge. Brent North Sea crude for June delivery in London trade added $1.73 to $117.63 dollars. Chinese trade data indicated oil demand continues strong despite Beijing's efforts to cool the economy, said JP Morgan's commodities research group.' "In spite of elevated prices several surveys of major refiners...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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