Fresh supply fears prompt 5 percent spike in crude oil

0 Comments | AFP, June, 2005

NEW YORK (AFP) — World oil prices rose spiked up five percent as skittish traders, and a rush of speculators rushed into the market amid growing concerns over US gasoline supplies over the summer driving season.

New York's main contract, light sweet crude for delivery in July, surged 2.63 dollars to close at 54.60 dollars.

In London, the price of Brent North Sea crude oil for delivery in July jumped 2.54 dollars to close at 53.27.

Oil prices hit their highest levels in over a month a day before a report on US inventories and as Royal Dutch/Shell confirmed it was forced to shut part of a refinery in the United States earlier this week after a pipeline burst.

The refinery, one of the largest in the United States, processing 334,000 barrels of crude oil...