A smaller-than-expected build in gasoline supplies when refineries are enhancing production for the summer driving season indicates robust demand in USA despite high prices. Exxon's Baytown refinery encountered problems when restarting earlier this week, and an oil spill in a Louisiana channel affected some refinery operation. As fuel demand continues to remain strong and U.S. refineries encounter obstacles, oil prices rose for the second consecutive day on Thursday. These problems are compounded by geopolitical tension and the possibility that imports could slow as other parts of the world see strong fuel demand,
Light, sweet crude for August delivery rose to US$70.84 a barrel on the New York Mercantile Exchange and Brent crude for August rose to settle at US$69.95 a barrel on London's ICE futures exchange.
23-Jun-06 
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