Oil above $72 on healthy US gasoline demand

Oil rose above $72 on on expectations of a fall in U.S. gasoline supplies for the first time in more than two months as American drivers continue to fill up despite high pump prices. Oil has traded between $69 and $72 for more than a month as the market balances geopolitical tensions and rising global demand with inflation fears and brimming U.S. fuel stocks.

U.S. weekly inventory data was also expected to show an 800,000-barrel drop in domestic crude supplies due to the closure of a key shipping channel which connects the refining hub of Lake Charles, Louisiana with the Gulf of Mexico, while the clean-up of an oil spill continues. Three oil refineries and a liquefied natural gas terminal in Lake Charles remain cut off to shipping traffic, forcing the refineries to slow fuel production.

Adjusted for inflation, oil is at its most expensive since 1980, the year after the Iranian revolution, and is holding near its record $75.35 hit in April after a rally that has taken prices up from $20 at the start of 2002.

(2006-06-28 12:49:12 SGT) [Energy] Permalink

Comments:

Post a Comment:

Comments are closed for this entry.

« Rising salaries... | Main | Singapore electricit... »

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out