Gradually increasing gasoline prices look to continue as a result of strong global demand yet smaller supplies for the commodity, according to a published report.
CNN reports oil industry group American Petroleum Institute believes the tighter market is likely to continue as supplies continue slipping. Strong demand in 2010 hit a daily record of 87 million barrels, attributable to India, China and the Middle East.
"Demand is not outpacing supply in the physical market," Tim Evans, a futures analyst at Citigroup, told CNN. "Demand is outpacing supply in the paper market, in the futures market."
During the past month, prices for gasoline have increased 0.12 cents per gallon, a 4 percent increase. And during the past year, prices have risen 0.39 cents per gallon, a 14 percent increase.
Shortly after 1 p.m. on Friday, gasoline futures were up 1.42 percent, a 0.344 cent increase to $2.4569 per gallon.
Supply of the commodity was partially harmed by the drilling moratorium imposed on the Gulf of Mexico in the aftermath of the British Petroleum disaster.
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