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Commodities: Crude above $93

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Date: Thursday 14 Feb 2008

LONDON (ShareCast) - Crude prices moved above $93 as data showed that demand for oil increased last week.

The Energy Department report showed that gasoline demand increased 104,000 barrels to an average 9.02m barrels a day last week. Crude-oil supplies rose 1.07m barrels against expectations of a 2.38m barrel rise.

Imports fell 7.4% to 9.74m barrels a day, the lowest since December. Gasoline inventories rose 1.7m barrels while distillates dropped 100,000.

Prices were also being helped by Venezuela stopping imports to Exxon Mobil in response to the group winning a court order to freeze the country's assets.

Meanwhile, Platinum prices reached record highs on Wednesday while gold fell 90 cents to $910.20 an ounce.