Gasoline and crude oil prices rose to their highest level in over two weeks after an explosion at BP Plc's Texas City refinery, the company's largest, capable of processing 460,000 bpd of oil, raised concern of a shortage of fuel during the season of peak U.S. demand. Loss of production due to a refinery fire in Texas last week, at a time when demand is at its seasonal peak, has pushed oil prices above US$60. Crude for September delivery rose to US$60.41.
U.S. durable goods orders climbed more than expected in June, signaling that high oil prices are not restraining growth in the world's largest consumer. US GDP has been estimated to rise at a 3.5 percent annual rate from April through June.The projected Q2 growth rate compares with an average quarterly gain of 3.2% over the past two decades and a 3.8% rate in the first three months of the year.
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