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
The European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level.
more »
Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15.
more »
World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat.
more »
These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB).
more »
The European Investment Bank (EIB) today signed its first loan agreement with Armenia.
more »
Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area.
more »
The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).
more »
The European Commission today approved a new financial support package of €135 million for Morocco.
more »
The European Commission is allocating an extra €10 million in humanitarian aid for Liberia.
more »