Singapore: Oil prices have hit an all-time high above US$115 a barrel in Asian trading amid concerns about sagging U.S. gasoline supplies.
Light, sweet crude for May delivery rose as high as US$115.21 a barrel Thursday in electronic trading on the New York Mercantile Exchange. It has since eased back to US$114.99 a barrel midmorning in Singapore.
That is 6 cents higher than the overnight settlement at a record close of US$114.93 a barrel. During the floor session, oil futures made their first move past the US$115 mark.
The U.S. Energy Department said Wednesday that inventories of gasoline fell 5.5 million barrels last week, a much bigger decline than forecast by analysts surveyed by Dow Jones Newswires.