U.S. oil prices hit an all-time record high Thursday amid concerns over thin gasoline supplies ahead of peak demand driving season and tight global crude stocks
Published:
14 May 2004 y., Friday
Benchmark U.S. light crude futures for June delivery climbed to $41.17 a barrel in after hours trade -- the highest level since October 1990 following the Iraqi invasion of Kuwait. It settled the regular New York Mercantile Exchange session up 31 cents to $41.08, while London Brent gained 54 cents at $38.49 a barrel.
Dealers said crude rally's was fueled in part by a rise in U.S. gasoline futures to a record $1.4015 a gallon hit in the regular session as dealers eyed a year-on-year supply shortfall in the run-up to vacation season.
The Memorial Day holiday weekend at the end of May marks the traditional start to U.S. summer driving season, when motorists take to the roads in greater numbers and account for roughly 12 percent of the world's oil consumption.
The worries over motor fuel come against the backdrop of robust global growth that is thinning available supply, continued turmoil in the Middle East and doubts about whether the OPEC cartel will cool off the sizzling market.
Šaltinis:
foxnews.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
President of the Republic of Lithuania Dalia Grybauskaitė welcomed the decision taken by the U.S. Government to transport shipments for the international mission in Afghanistan by transit via the Klaipėda Seaport.
more »
EU Solidarity Fund aid to repair storm damage in France and Portugal was approved by the Budgets Committee on Thursday.
more »
The European Investment Bank and the Government of Samoa formally agreed to support the rehabilitation and upgrade of independent water schemes in the Pacific island state under a EUR 250,000 technical assistance programme.
more »
Steps to overhaul the European Union's flagship single market were discussed on Tuesday (9 November) by MEPs and interested parties.
more »
Strategy to secure a sustainable EU energy supply and support economic growth over the next decade.
more »
EU funding to help 850 former workers in the aircraft maintenance industry around Dublin find new jobs was approved by the European Parliament on Thursday.
more »
Saffron farmers in western Afghanistan hope to oust opium as a harvest crop.
more »
The European Commission has approved an application from Poland for assistance from the European Globalisation adjustment Fund (EGF).
more »
New plans for EU industry to create jobs while keeping manufacturing in Europe.
more »
The European Commission has approved two applications from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »