Crude Oil Prices Rise; Refineries Slow to Reopen
rude oil prices rose Thursday as repairs to Gulf of Mexico oil rigs continued slowly, while gasoline and heating-oil futures fell from four-week highs following increased imports, Bloomberg reported.
Benchmark light sweet crude oil futures rose 70 cents to $67.05 a barrel on the New York Mercantile Exchange, within $3 of the all-time record closing price of $69.81 set Aug. 30.
Wholesale gasoline futures fell almost 13 cents a gallon, to $2.21 on the Nymex, following reports that U.S. gasoline imports rose 29% last week, Bloomberg reported.
Seven refineries in areas of southwestern Louisiana and southeastern Texas, in the areas hardest hit by Hurricane Rita, remained closed, idling 10% of U.S. refining capacity, Bloomberg reported.
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