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Oil Rose to Highest Since March as Fuel Markets Heat Up

  • US gasoline futures reached a new record of $4/gal on Monday
  • Forward curve widens as data suggests US stockpiles dipped
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WATCH: Oil tumbled for the first time in four sessions. Dan Murtaugh reports.Source: Bloomberg
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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.