US oil prices roared higher yesterday fuelled by declines in crude and refined product stocks as motorists burned through gasoline. Supplies. Prices shot up after the American Petroleum Institute's weekly report showed gasoline stocks down 3.1 million barrels to 203.1 million in the week ended August 17th.

Implied gasoline demand was running at 9.7 million barrels per day (bdp), 800,000 bdp above the previous week and this time last year. October crude on the New York Merchantile Exchange raced up 41 cents to $27.13 a barrel in after hours ACCESS trade on top of a 53-cent gain in the main session.