Crude Oil Tops $52 on Rebound

APRIL 19, 2005 - Posted at 4:16 p.m. CDT

NEW YORK - Crude oil prices edged higher today, moving back above $52 per barrel.  Traders were seen buying contracts to cover earlier commitments made when prices were falling.

Light sweet crude for May delivery rose $1.92 per barrel to settle at $52.29 in New York.  On Monday, the contract had dipped as low as $49.66, its lowest level in two months.

The crude features dropped more than $8 per barrel over the past two weeks, but failed to close below $50.

The May crude contract expires Wednesday, as the Energy Department releases its weekly inventories report.  The focus is now on a shift from heating oil to gasoline supplies ahead of the summer driving season.

(Copyright 2005 by The Associated Press.  All Rights Reserved.)