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Oil futures reach $40 for first time since 1990

Friday, May 7, 2004 | 9:41 a.m.

Crude oil futures surged to $40 for the first time since the Persian Gulf War in 1990 as speculators purchased futures on increased concern about U.S. gasoline inventories and oil supplies from the Middle East.

Rising U.S. gasoline demand and limited refining capacity have boosted gasoline and crude oil prices. Global fuel demand is increasing as an upsurge of unrest in Saudi Arabia and Iraq threatens the oil infrastructure.

Futures reached $40 a barrel about seven minutes after floor trading began today.

Oil settled at $39.57 a barrel Wednesday, the highest close since Oct. 12, 1990, when Iraq occupied Kuwait. Prices were up 6.5 percent this week and 52 percent from a year earlier.

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