Oil hits six-month high as U.S. refineries face problems
May 20, 2009
Oil prices have risen, reaching a six-month high over $60 a barrel as a flurry of U.S. refinery problems stoked supply fears leading into peak summer driving season. According to the Associated Press, the gains came after a fire struck a gasoline-making unit at Flint Hills Resources'' 288,000 barrel-per-day oil refinery in Corpus Christi, Texas. The oil market closely monitors refinery operations in the spring as suppliers try to boost gasoline inventories ahead of summer vacation season when demand peaks. The fire followed an explosion at Sunoco''s oil refinery in Marcus Hook, Pennsylvania, which forced the company to shut a gasoline-making unit and slow crude oil processing.