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US crude ends atop $102, rallies on bargain-hunting

Published 05/09/2011, 02:46 PM
Updated 05/10/2011, 05:53 AM
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NEW YORK, May 9 (Reuters) - U.S. crude oil futures rebounded from massive losses last week to end above $102 a barrel on Monday, as droves of bargain hunters entered the market.

Buyers were further encouraged by the weakening of the dollar. Prices were also supported by a sharp rally in gasoline futures due to fears that the flooding of the Mississippi River could affect refinery operations in Louisiana and Tennessee.

On the New York Mercantile Exchange, crude for June delivery settled at $102.55 a barrel, jumping $5.37, or 5.53 percent, after trading from $97.42 to $103.40. (Reporting by Gene Ramos)

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