Crude Oil Soared To $62

Crude oil prices surged again to new highs on traders? anticipation of the release of new US inventories report.

US light, sweet crude climbed 58 cents to $62.47 a barrel on the NYMEX.
On London?s IPE Brent crude futures rose 55 cents a barrel to $61.25, before both benchmark prices dropped back slightly.

US refinery shutdowns and the hurricane season in the Gulf of Mexico and Caribbean are hitting reserves.

Gasoline supplies fell for this time of year on strong demand and slower refinery output, the government said.