U.S. crude oil prices rose toward $50 per barrel on Tuesday as a strong start to the summer driving season in the United States suggested strong fuel demand in months ahead. U.S. demand for transport fuels such as gasoline used in cars and diesel in buses tends to rise significantly as families visit friends and relatives or go on vacation during the summer months, with the so-called summer driving season officially kicking off on the Memorial Day holiday at the start of this week. U.S. West Texas Intermediate (WTI) crude futures CLc1 climbed above $50 per barrel in early trading on Tuesday, and were at $494.97 per barrel at 0032 GMT, still up 17 cents from their last settlement. “The start of the U.S. driving season … boosted confidence in the market that stockpiles would start to fall in coming weeks,” ANZ bank said on Tuesday. The American Automobile […]

Posted in: USA