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Crude oil rises as concern lingers on US gasoline supply
London, Apr 30: Crude oil futures rose in London and New York after gasoline soared to a record for a fourth day yesterday on expectations that the US will run short of fuel this summer.
London, Apr 30: Crude oil futures rose in London and New York after gasoline soared to a record for a fourth day yesterday on expectations that the US will run short of fuel this summer.
Brent crude oil for June settlement was up 28 cents, or 0.8 per cent, at 34.66 us dollar a barrel on London's International Petroleum Exchange. Brent closed yesterday at
its highest since October 2000 for a contract nearest to
expiration.
On the New York Mercantile Exchange, June crude oil was up 27 cents at 37.58 us dollar a barrel in after-hours trading. US inventories last week were 2.7 per cent lower than a year earlier, while demand was 11 per cent higher, an energy department report showed.
Bill Greehey, the chief executive of Valero Energy Corp., the third-largest refiner in the US had said he doubts industry can rebuild stocks in time to avert shortages.
The US peak driving season starts from the end of May to September. Rising crude oil inventories haven't led to lower prices because refiners are not building up gasoline stockpiles.
Bureau Report
On the New York Mercantile Exchange, June crude oil was up 27 cents at 37.58 us dollar a barrel in after-hours trading. US inventories last week were 2.7 per cent lower than a year earlier, while demand was 11 per cent higher, an energy department report showed.
Bill Greehey, the chief executive of Valero Energy Corp., the third-largest refiner in the US had said he doubts industry can rebuild stocks in time to avert shortages.
The US peak driving season starts from the end of May to September. Rising crude oil inventories haven't led to lower prices because refiners are not building up gasoline stockpiles.
Bureau Report