Crude oil futures rose for a short time above $40 a barrel May 7 in New York for the first time since the Persian Gulf War in 1990, Bloomberg reported.

Crude oil for June delivery was up 18 cents at $39.55 a barrel at 10:35 a.m. on the New York Mercantile Exchange. Futures reached $40 a barrel about seven minutes after floor trading began on Friday, Bloomberg said.

Some OPEC ministers are scheduled to meet at a gathering of oil-producing and consuming nations in Amsterdam on May 22-24.

Although some nations are calling on OPEC to pump more oil, officials from Iran and Indonesia have said concern of gasoline shortages in the United States and of crude supply disruptions in the Middle East is driving prices higher, not a lack of crude, Bloomberg said.

OPEC ministers hold their next scheduled formal meeting on June 3 in Beirut.