Crude oil in New York rose for a seventh day on speculation rising demand for gasoline may reduce U.S. crude oil stockpiles before consumption peaks in the fourth quarter.
U.S. gasoline consumption rose to 9.4 million barrels a day in the week ended May 20, the highest this year, according to the Energy Department. Oil prices may rise further if the department's report this week shows another decline in the nation's crude oil stockpiles, said Chris Mennis, owner of oil trader New Wave Energy in Aptos, California.
``There just seems to be a feeling that the crude stocks are going to be drawn down,'' Mennis said. ``If we don't see a gigantic build in products that means that demand is so strong its using up all the crude being refined into products.''
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Crude oil in New York rose for a seventh day on speculation rising demand for gasoline may reduce U.S. crude oil stockpiles before consumption peaks in the fourth quarter.
