Gasoline inventories rose to 195.2 million barrels the week ended May 11, the second consecutive weekly increase, according to a U.S. Energy Department report on May 16.
Crude oil trading on the New York Mercantile Exchange for June delivery rose $1.33, or 2.1 percent, to $66.27 a barrel, the highest close since April 27. The price is up 8.6 percent this year.
Brent crude for July settlement rose $1.07 to $70.46 a barrel on the ICE Futures Exchange in
That was the highest close since Aug. 28.
"The outlook for the summer is not good for gasoline," said Addison Armstrong, director of market research at TFS Energy LLC in
Gasoline futures for June delivery fell 64 cents to $2.4013 a gallon in
PIN/ BLOOMBERG
Your Comment