UDPATE 2-US gasoline prices near summer peaks on $95 crude
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NEW YORK, Nov 5 (Reuters) - U.S. retail gasoline prices have rebounded to summertime levels following the five-week bull run that has lifted crude oil prices to over $96 per barrel, according to retail surveys released this week.
The 17 percent jump in crude prices has pushed U.S. pump prices over $3 per gallon for the first time ever in November. U.S. retail prices last topped $3 per gallon in July, according to the American Automobile Association (AAA).
"We are surprised we didn't hit $3 sooner," said AAA spokesman Geoff Sundstrom. "Prices could go higher now that we are moving into the higher-demand season that coincides with Thanksgiving and the year-end holidays."
The AAA's findings echo the nationwide Lundberg survey of retail prices that showed a rise of 16.3 cents per gallon from Oct. 19 to $2.96 per gallon on Nov. 2.
While lower demand and less stringent fuel specifications mean gasoline is normally cheaper in the winter than in the summer, the current rally could continue as the U.S. heads into the winter heating oil season.
"I could see easily another 15 cents of upward pressure at the pump hitting very soon if crude remains at current levels," industry analyst Trilby Lundberg said on Sunday.
Crude oil prices hit a record $96.24 a barrel on Nov. 1 as worries over winter supplies and massive flows of speculative money fueled a rally from the $81 level seen in early October. Continued...



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