Oil Prices Surge Over Worries of Supply
Posted on: Friday, 24 March 2006, 09:01 CST
Oil prices surge over worries of supply
NEW YORK, March 23 (Xinhua) -- World oil prices surged by more than 2 dollars Thursday amid worries of supply.
New York's main contract, light sweet crude for delivery in May, rose 2.14 dollars, or 3.46 percent, to close at 63.58 dollars a barrel.
On London's ICE Futures exchange, the price of Brent North Sea crude for May delivery climbed 1.77 dollars to end at 63.27 dollars per barrel in closing deals.
On the New York Mercantile Exchange,the heating oil rose 4.13 cents to close to 1. 7864 dollars a gallon as gasoline futures gained 7.96 cents to settle at 1.8161 dollars per gallon.
The Department of Energy said Wednesday that U.S. commercial crude oil inventories fall unexpectedly in the week ended March 17 while supplies of gasoline and other refined products also declined. It was the first weekly drop in commercial crude oil reserves since early February.
Source: Xinhua News Agency - CEIS
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