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Crude Settles at New High for Year

 Phil Amato     Created: 10/16/2009 7:04:08 AM    Updated: 10/16/2009 7:07:36 AM
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DENVER (AP) -- Evidence that refiners severely curtailed their production of gasoline over the past week sent energy prices jumping across the board.

The Energy Information Administration reported Thursday that gasoline in storage fell by more than 5 million barrels. Most energy experts expected supplies to grow yet again. Oil prices hit a new high for the year.

Benchmark crude prices rose $2.40 to settle at $77.58 Thursday.

The rally is continuing in Asian trading Friday, with prices passing the $78 a barrel mark before sliding back.

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