Thursday, March 30, 2006

Oil Rises to 2-Month High, Gasoline Surges, on Fuel Supply Drop

Crude oil rose to a two-month high and gasoline surged as U.S. fuel supplies declined and the United Nations Security Council asked Iran to curb its nuclear program.

``The weekly inventory numbers caught the market by surprise again,'' said Michael Fitzpatrick, vice president of energy risk management at Fimat USA Inc. in New York. ``The unanimous UN decision demanding Iran stop nuclear enrichment probably rekindled concern that Iran will use oil as a political weapon.''

( Full story here )

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