Supply Concerns Boost Oil Prices
Apr. 15, 1998
NEW YORK (AP) _ Gasoline prices surged Tuesday as concerns arose over supply problems ahead of the summer driving season.
Unleaded gasoline for delivery in May rose 1.40 cent to 51.45 cents a gallon on the New York Mercantile Exchange.
A report late Tuesday from the American Petroleum Institute showed that U.S. gasoline stocks dropped nearly 1.4 million barrels to 211.609 million barrels last week, the second weekly decline.
Problems at three different refineries this week added to the market's concerns over gasoline supplies.
Crude oil also rose, with May contracts for light sweet crude gaining 34 cents to close at $15.46 per barrel.
Home heating oil rose 1.08 cent to 43.62 cents a gallon, and natural gas rose 2 cents to settle at $2.521 per 1,000 cubic feet.
In London, North Sea Brent Blend crude rose 3 cents to close at $13.48 per barrel on the International Petroleum Exchange.