Concerns of declining global demand that drove prices down particularly in the U.S. market, were premature, and the market is rebounding. Traders judged this week's declines as premature as concerns about Iran's nuclear program and the upcoming summer driving season persist. Concerns abound regarding the West's standoff with Iran as well as supply disruptions in Nigeria and the Gulf of Mexico hurricane season. Light, sweet crude for June delivery climbed to US$69.87 a barrel in electronic trading on the New York Mercantile Exchange.
U.S. government data released on Wednesday showed that domestic supply of gasoline rose for the third straight week amid stagnating demand, growing by 1.3 million barrels last week to 206.4 million barrels. U.S. gasoline demand over the past 4 weeks was 9.2 million bpd- even with the same period last year.
19-May-06 
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