Crude oil futures hit post-Gulf War high

www.chron.com Feb. 26, 2003, 1:20PM Reuters News Service

NEW YORK - U.S. crude oil futures today hit their highest level since the Gulf War after a government report showed heavy drawdowns in U.S. distillate and gasoline stocks last week.

New York Mercantile Exchange (NYMEX) crude for April delivery shot up to $37.93 a barrel, gaining $1.87, surpassing a $37.80 peak hit in September 2000. Prices are at the highest level since the Gulf War during which NYMEX crude shot up to an all time high of $41.15.

Oil prices have gained 70 percent since the same time last year on fears of war in Iraq and a 12-week oil strike in Venezuela that has run down U.S. energy stocks.