The benchmark crude oil futures momentarily reached $76.00 a barrel on Thursday in New York, propelled by jitters about a possible gasoline supply shortage in the United States amid the driving season.

The August contract for West Texas Intermediate crude oil increased $0.87 to $75.92, its highest level in about 11 months.

Buying was also spurred by a drop in oil production by Angola due to a technical problem.

Oil prices may move higher in the immediate future, a U.S. investment bank said.

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