Crude oil prices extend gains above $50-a-barrel

Crude oil prices extended gains above $50 per barrel mark in early Asian trade Thursday as strong China imports aided positive trading sentiment amid the ongoing supply outages in Nigeria and falling U.S. crude oil inventories.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, +0.64%   traded at $51.54 a barrel, up $0.30, or 0.6%, in the Globex electronic session. August Brent crude LCOQ6, +0.42%  on London’s ICE Futures exchange rose 20 cents, or 0.4%, to $52.71 a barrel.

Crude oil prices are now hovering near a 10-month high, but whether the rally will sustain for much longer remains doubtful as higher prices are likely to encourage a stream of production restarts that had gone off the markets earlier because of poor margins.

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