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.
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