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
Both women and men have been hit by job losses in the downturn, says a new report adopted by the European Commission today.
more »
Unemployed car and construction workers in Sweden, Austria, and the Netherlands will get €15.9 million in EU Globalisation Adjustment Fund aid for training, self-employment and professional orientation services under a plan endorsed by Parliament in plenary on Wednesday.
more »
As the economy recovers, EU countries will need to phase out crisis measures. The question is when?
more »
The European Commission has endorsed, under EU state aid rules, a Polish scheme intended to compensate the Polish Post for net losses incurred in discharging its public service obligations between 2006 and 2011.
more »
The European Commission reports good progress in the implementation of the Small Business Act (SBA) in 2009.
more »
The European Commission approved the first financing decisions in favour of eleven African and two Caribbean countries for a total of € 230 million, including € 215 million under the so-called Vulnerability FLEX mechanism (V-FLEX).
more »
Legal measures to make it easier for people who have lost or risk losing their jobs to get credit to start up their own businesses were backed by the European Parliament on Tuesday.
more »
How can companies and industry help to stop climate change? This is one of the questions on the table when Sweden’s Minister for Enterprise and Energy Maud Olofsson attends the climate change conference in Copenhagen on Monday and participates in a panel discussion organised by Businesseurope.
more »
In a meeting held today in Brussels, the Gas Coordination Group, under the chairmanship of the Commission, has discussed with Russian Gas Company Gazprom the gas supply and demand outlook and investment strategy of the company in both Russia and the EU.
more »
The European Commission has approved under EU state aid rules the impaired asset relief measure and the restructuring plan of Royal Bank of Scotland (RBS).
more »