Crude prices gain 30 percent in May

Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London.

The recent gains in prices, amounting to 30 percent just this month, came even though demand is down as investors bet that the economy, and therefore demand, will go up in the near future.

Prices are also up on declines in US inventories even though stockpiles of crude oil in the US are still plentiful.

In related news, the number of rigs looking for crude oil and natural gas in the United States fell to 899 this week, down by over 50 percent from this time last year, when 1,877 rigs were being used in the US.

Of the new total, 187 rigs are specifically looking for crude oil.

Nymex June gasoline futures were up less than a cent to $1.91 per gallon.