NEW YORK (Reuters) — U.S. crude oil prices rose sharply Friday amid early worries about summer gasoline supplies and as Mexico announced a cut in exports to support OPEC's attempt to shore up prices.
Crude oil for May delivery ended up 76 cents at $27.30 per barrel on the New York Mercantile Exchange, while April gasoline futures ended up 1.54 cents at 92.50 cents per gallon.
Fears of tight gasoline supplies this summer mounted this week after the U.S. Department of Energy data showed Wednesday that stocks dwindled by 3.4 million barrels last week.
Inventories of methyl tertiary butyl ether, an additive for cleaner U.S. gasoline, are running 22 percent below this time last year, possibly setting the stage for another summer spike at the pumps.
Oil prices had fallen more than five dollars in little more than a month amid fears that demand for oil may further decline in the United States if the economic slide persists.