Declining US gasoline stockpiles drives prices higher

Gasoline demand is up, but stock levels are similar to year-ago levels, despite crude oil stocks being at their highest levels for almost three years.

The Organisation of the Petroleum Exporting Countries (Opec) increased oil supplies by 500,000 barrels a day to 27.5 million barrels in mid-March.

But its president, Sheikh Ahmad al-Fahd al-Sabah, said last week he did not think further increases were needed before the third quarter.