Oil prices rise on news of refinery fire in USA

Light, sweet crude for September delivery rose to US$71.50 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. New of a U.S. refinery fire have helped crude futures recover from the previous session's more than US$2 decline. A fire broke out Thursday at a crude unit of Chevron Corp.'s largest U.S. refinery in Pascagoula, Miss., but it was contained by emergency response teams. Refineries in all key markets of U.S.A, Asia and Western Europe are fully utilized, and so any glitch in the global refining system is bound to cause some temporary tightness in the product market.
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