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Home >> Business
UPDATED: 08:07, June 01, 2005
Crude oil futures rise to three-week high
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Crude oil prices rose to a three- week high Tuesday as US refineries increased gasoline production in anticipation of the peak-demand during driving months.

On the New York Mercantile Exchange, light, sweet crude oil futures for July delivery rose 12 cents to end at 51.97 dollars a barrel. Meanwhile, on London's International Petroleum Exchange, the July Brent crude-oil futures contract gained 3 cents to close at 50.73 dollars per barrel.

In New York, the July futures contract rose 6.6 percent last week, the largest weekly gain in a month, amid forecasts for record US vacation travel during the summer.

US refineries boosting their rate of operation to 94.6 percent of capacity, the highest since December. The Department of Energy said US gasoline demand rose to 9.4 million barrels a day last week, the highest this year.

The summer driving season, in which gasoline demand would peak, began from Memorial Day holiday through Labor Day in early September.

Source: Xinhua


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