Gasoline Advances on Brent Crude Strength, U.S. Demand Increase
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Gasoline futures surged to a five-week high as Brent crude gained when Norway’s largest oil producer said a strike forced a production halt and as U.S. motor fuel demand climbed last week before the July 4 holiday.
Futures advanced as a stronger Brent may increase the cost of European fuel imports. The Energy Department reported that gasoline demand, measured by deliveries to wholesalers, rose 1.8 percent to 9 million barrels a day. Total fuel demand jumped 2.8 percent to the highest since Nov. 4.