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Oil futures rise to 11-month high |
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09:06, July 11, 2007 |
New York crude oil futures rose to an 11-month high on Tuesday amid concern over supply.
Light, sweet crude for August delivery gained rose 62 cents to close at 72.81 dollars a barrel, the highest since August 2006, on the New York Mercantile.
Brent crude for August delivery rose 62 cents to settle at 76. 40 dollars a barrel on the ICE Futures exchange in London.
The U.S. Energy Department will release its weekly energy report on Wednesday. Current levels of gasoline supplies are well below the lower end of average for this time of year. Gasoline supplies are closely watched as the summer driving peak is around the corner.
Source: Xinhua
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