High Petrol Price On Iraqi Problems

Oil prices jumped Tuesday in The United States caused by worries about possible supply disruption from Iraq in connection with the continuous violence.
As a consequence, petrol prices in America rose to record highs.
US light crude settled 56 cents higher at US$37.53 a barrel. London's Brent crude climbed 70 cents to US$34.28 a barrel.
Petrol futures on the New York Mercantile Exchange hit a new high of US$1.2075 a gallon, up 2.1 per cent, before backtracking to settle at US$1.2067 for a gain of 2.45 cents.
US motor fuel supplies decrease on two per cent from last year's level, according to the government. Low supplies amid tough environmental regulations for making the fuel could push them even higher before the start of driving season at the end of May, the government has warned drivers.
Analysts said expected increases in crude and petrol stocks in US fuel inventory data to be released on Wednesday could calm the markets, though they said tension in the Mideast would prevent a major sell-off.