Oil prices set a high for 2009
May 07, 2009
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PrintBenchmark crude for June delivery rose 4.6 percent, or $2.50, to settle at $56.34 a barrel on the New York Mercantile Exchange. It was the highest close since mid-November.
Demand for energy during the recession is down and the prices for crude and gasoline have plunged as a result, providing a break for everyone from industrial companies to consumers.
Crude levels for the week ended May 1 rose by 600,000 barrels to 375.3 million barrels, the Energy Department's Energy Information Administration said in its weekly report.
An American Petroleum Institute report showed a 1-million-barrel slip in crude oil stocks and a 2.9-million-barrel drop in gas supplies.