Global oil prices propel beyond US$100 by a spike in gasoline prices and renewed market optimism

Global oil prices spiked by over a dollar at the end of the previous week, pushed in part by a spike in gasoline prices and renewed market optimism about US demand. New York's main contract, West Texas Intermediate (WTI) for August settled at US$105.9, while Brent North Sea crude for delivery in August, inched up to US$108.8 in London trade. Gasoline prices were impacted by problems at the Irving refinery in Saint John, New Brunswick, in Canada, as well as problems at two US refineries: the Philadelphia Energy Solution refinery in Philadelphia, Pennsylvania, and the Motiva refinery in Port Arthur, Texas.
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