Oil rises, U.S. flood threat boosts gasoline

Oil rose on Tuesday, supported by concerns U.S. flooding could hit refinery operations, squeezing gasoline supplies ahead of summer driving season.

While no refineries had been forced to cut operations yet, rising waters along the Mississippi threatened to disrupt plants in Louisiana in the next two weeks.

Gasoline futures led oil market gains, with the flood threat adding to concerns about 11 straight weeks of inventory declines as the United States gears up for the peak summer holiday period.

"We have relatively tight gasoline inventories and we have at least some reason to worry about refining operations along the Mississippi because of flooding," said Tim Evans, energy analyst for Citi Futures Perspective in New York.

Read Full Article from Reuters

- Posted: 2011-05-10 11:22:24

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