Markets & Finance

Oil Futures Higher


S&P MARKETSCOPE: Energy futures, which soared last week on speculation there might be gasoline shortages this summer, were heading sharply higher. U.S. refineries may lack the capacity to process additional low-quality oil from OPEC. May gasoline was up 1.81 cents to 22-year high 174.91 cents on the Access electronic system. May WTI crude oil futures were up 83 cents to a 22-year high $58.10 level, and Brent crude in London was up to a record $57.48 level. Bloomberg reports OPEC ministers will resume talks this week on raising the output quota by 500,000 barrels a day to 28 million barrels a day as early as May and may add another half million barrels a day in the third quarter. May heating oil futures were up 2.62 cents to 169.00 cents.


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