Thursday, August 21, 2008

Oil prices rise further

They might win the high jump in the Commodity Olympics.
clipped from

Prices had closed higher on Wednesday after the US Department of Energy said that American gasoline (petrol) reserves slumped by 6.2 million barrels last week, compared with market expectations for a drop of only 2.4 million barrels.

Gasoline stocks are closely watched at this time of year as American motorists are on the highways for their summer vacations, typically pushing up demand for motor fuel.

But prices, which broke through the 100-dollar level at the start of 2008, remain well above year-ago levels.

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