Oil rallied above $114 as a global squeeze on refined products prompted concerns about summertime supplies and continued to pull fuel prices higher.
West Texas Intermediate rose 3.4% to the settle at highest level since late March. US gasoline futures topped $4 a gallon for the first time ever, while the national average retail price rose to a fresh record. Rising futures tend to trickle through to the pump quickly, signaling more pain for drivers when the summer driving season starts at the end of this month.
