NEW YORK, Aug. 21 (Xinhua) -- Crude surged near 122 U.S. dollars a barrel for the first time in more than two weeks Thursday morning on supply concerns brought by gasoline inventory drop and Georgia tension.
Light, sweet crude for October delivery jumped to as high as 122.02 dollars a barrel, trading up 6.46 dollars, on the New York Mercantile Exchange.
The rally started on the U.S. Energy Department report that the gasoline stockpiles declined a larger-than-expected 6.2 million barrels in the week ending on Aug. 15, which has sent the inventory to below-average level.
Meanwhile, the tension in Georgia and decline in the dollar also add much push to the oil prices.
