Crude Oil Prices Remain High on Demand Concerns

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rude oil futures stayed high Thursday on concerns over low gasoline inventories and speculation that fuel consumption will outpace refinery production, Bloomberg reported.

Benchmark light sweet crude oil futures rose 52 cents to close at $61.38 a barrel on the New York Mercantile Exchange, not far behind Tuesday’s record closing price of $61.89, Bloomberg said.

Futures reached an all-time record high of $62.50 during intraday trading Wednesday, and prices for crude were 43% higher than a year ago, Bloomberg reported.

Gasoline demand increased 1.1% in the four weeks ended July 29 from the same period last year, and inventories were 2% below the five-year average, according to the Energy Department.

U.S. refineries are running close to capacity, leaving no cushion to make up for disruptions or accidents such as last week’s fire at a BP plant in Texas, Bloomberg reported.

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