Oil Reached New Record On US Gasoline Supply Drop

Oil prices again reached record highs after the US officials reported a drop in US gasoline supplies.

US light crude futures jumped to $72.40 a barrel, before settling at $72.17 a barrel on the New York Mercantile Exchange.

London traded Brent crude settled up $1.22 to $73.73 a barrel, jumping earlier to a record $74.

Fears over US stocks added to pressure on prices, recently fuelled by US-Iran tensions and Nigerian supply concerns.