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Oil jumps past 123 as markets rally on strong demand
Oil futures set new records near 124 a barrel amid ongoing momentum after a government report showed rising crude and gasoline supplies. Gas prices edged higher, gasoline demand rose, and distillate stocks fell unexpectedly, with analysts predicting further steep prices ahead. Consumer borrowing surged in March at a 7.2 percent annual rate, totaling 15.3 billion, signaling growing economic stress as credit card use and auto loans rose amid high fuel costs.
MENTIONED IN THIS ARTICLE
New York
New York Mercantile Exchange
Phil Flynn
Alaron Trading Corp
Chicago
Energy Department
Energy Information Administration
AAA
Oil Price Information Service
Hawaii
California
Washington
Federal Reserve
Mark Zandi
Moody's Economy.com