Refinery Fire Fuels Oil Rise
Posted on: Friday, 29 July 2005, 18:00 CDT
OIL was back above $60 a barrel today after a fire at BP's Texas City refinery last night stoked worries about tight supply ahead of the winter.
The blast, four months after an explosion at another BP plant killed 15 workers, took place in a unit that reduces sulphur in fuel oil.
Production elsewhere at the plant carried on as normal and there were no reports of injuries. US crude rose 45 cents to $60.39 a barrel and Brent was up 45 cents to $59.21.
"Whenever there's a refinery problem in the US, it drives up oil product prices, which also boosts crude prices," said Keiichi Sano, assistant manager at Sumitomo's commodities business unit.
Source: Evening Standard; London (UK)
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