Thursday, May 17, 2007

Oil up $1, nears fresh year high on US gasoline

(Reuters) - Oil rose above $69 a barrel on Thursday, just a few cents shy of a fresh year high, supported by U.S. refinery closures that are cutting into gasoline supplies just ahead of peak summer demand.

Despite record pump prices above $3 a gallon, there is no let up in robust demand in the world's top consumer. More motorists than a year ago are expected to hit the roads during the May 26-28 U.S. Memorial Day weekend, the traditional start to the driving season.


Read more at Reuters Africa

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