Go Finance Reporting in SINGAPORE - Oil prices surged above listed USD112 per barrel on Thursday Asian time approaching its highest level since 2008 amid strong demand for oil the United States (U.S.) despite rising fuel costs.
Reporting from the Associated Press, Thursday (04/21/2011), the price of oil for June delivery rose 57 cents to USD112, 02 per barrel at midday in Singapore time in electronic trading on the New York Mercantile Exchange.
While in London, Brent crude for June delivery rose 71 cents to USD124, 56 per barrel on the ICE Futures exchange. While the benchmark oil rose $ 3, 17 and settled in the USD111, 45 on Wednesday.
The increase in oil prices is due to the fall in U.S. crude oil supplies and products in consumer spending during the two-month rally that has not been deterred.
U.S. Energy Information Administration reported that oil supplies shrank 2.3 million barrels last week. While analysts expect increased by 1.6 million barrels. Oil prices rose approximately 33 percent since mid-February and reached USD113, 46 during trading April 11, this was the highest since September 2008.
In other Nymex trading, contracts of May, the price of heating oil rose 1.4 cents to $ 3, 24 per gallon and gasoline rose by 0.9 percent at $ 3, 29 per gallon. While natural gas futures rose 2.5 percent at $ 4, 34 per 1,000 cubic feet. (GoFinance)
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