Oil prices soar above $115

Singapore: Oil prices soared to an all-time high above $115 a barrel amid concerns over sagging US gasoline supplies.

Light, sweet crude for May delivery rose as high as $115.21 a barrel Thursday in electronic trading on the New York Mercantile Exchange. It eased back to $114.82 a barrel, mid-afternoon in Singapore.

That is 11 cents lower than the overnight settlement record of US$114.93 a barrel.

The surge in oil prices reflected concerns about how much gasoline will be available during America's driving season.