Oil Prices Up 33% Since February

New York, NY, April 21, 2011 -- Oil prices rose above $112 a barrel Thursday in Asia to near the highest level since 2008.

Benchmark crude for June delivery was up 57 cents at $112.02 a barrel at midafternoon Singapore time on the New York Mercantile Exchange.

In London, Brent crude for June delivery was up 71 cents to $124.56 a barrel on the ICE Futures exchange.

The Energy Information Administration reported that U.S. oil supplies shrank by 2.3 million barrels last week while analysts had expected an increase.

Oil is up about 33% since mid-February.