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Oil futures prices rise sharply
POSTED: 9:13 a.m. EDT, June 14,2007

Crude oil futures prices rose sharply on Wednesday amid concern over gasoline supply.

Light, sweet crude for July delivery gained 91 cents to 66.26 dollars a barrel on the New York Mercantile Exchange.

Brent crude for July delivery rose 1.15 dollar at 69.94 dollars a barrel on the ICE Futures exchange in London.

The U.S. Energy Department reported on Wednesday that its gasoline stockpiles were unchanged last week. Analysts had earlier expected gasoline to rise by 2 million barrels.

Gasoline supplies are closely watched as the summer driving peak is around the corner. Even though gasoline prices may be higher this summer, U.S. motor fuel demand will remain strong, the Energy Department predicted.

From: xinhua
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