March 23, 2007	Friday	Rabi-ul-Awwal 3, 1428

LONDON, March 22: World oil prices jumped by more than a dollar on Thursday as traders continued to look toward weak gasoline or petrol stocks in the United States. Gasoline is in focus ahead of the peak-demand driving season, beginning May 31, when US drivers hit the roads for their summer vacations.

In London, the price of Brent North Sea crude for May delivery soared $1.58 dollars to $62.35 per barrel during electronic deals.

New York's main oil futures contract, light sweet crude for delivery in May, added $1.77 to $61.38 per barrel in floor trading.

“Oil prices have moved sharply higher today (Thursday) in the wake of yesterday's supportive US inventory data,” said Barclays Capital analyst Kevin Norrish.

Meanwhile, the Organisation of Petroleum Exporting Countries (Opec) tried to soften global concerns about decreasing oil supplies, saying it was committed to providing enough for world consumption. “Opec is committed to ensure steady, secure supplies of crude oil to all consumers at affordable prices both now and in the future,” Opec President Mohammed al-Hamili told a conference in Bangkok on Thursday.—AFP