U.S. crude oil continued bouncing on Tuesday as the dollar retreated.
After the Standard & Poor's downgraded Greece's credit ratings, European officials said on Tuesday that Greece may be offered more financing support soon. To this news, the euro ended the four- straight days drop and rose against the dollar.
The dollar index, tracking the dollar performance against a basket of currencies, dipped over 0.2 percent. Weaker dollar encouraged investors to enter the crude market.
Crude oil prices also got lifted by the gasoline price climbs. The U.S. Energy Information Administration predicted in its short- term energy outlook report Tuesday retail gasoline prices would reach average 3.81 dollars a gallon during this summer driving season, 38 percent up from last summer. The gasoline future gained over 3 percent on the New York Mercantile Exchange.
Oil investors were encouraged by China's positive trade data for April. Although China's crude import year-on-year increase retreated to 1.7 percent, analysts noticed that the net crude imports still hit the third-highest level on record.
Light, sweet crude for June delivery rose 1.33 dollars, or 1. 30 percent to settle at 103.88 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery also rebounded and last traded above 117 dollars a barrel.
