Crude futures rose Monday and near a price tag of US$56. Prices rallied last week, fueled partly by fears that escalating demand for gasoline will exceed supply. Light, sweet crude for June delivery on the New York Mercantile Exchange rose 50 cents to US$55.89 a barrel, late afternoon Monday in Asia. Unleaded gas rose a cent to US$1.6625 a gallon (3.8 liters). Crude prices hit an intraday high of US$58.28 at the beginning of April before falling back to about US$50 per barrel in recent sessions, and then rising again. Traders are concerned that falling gasoline inventories and reported refinery outages in the United States could drive prices higher as the summer driving season in the Northern Hemisphere approaches. The U.S. government weekly report showed gasoline inventories declining by 1.5 million barrels to 211.6 million barrels, or 5 percent above year ago levels.
