The US market today remained edgy about a possibility of squeezing gasoline supplies. Light crude traded up 58 cents to $55.97 a barrel, adding to a hefty gain of $1.19, on Friday when the contract ended at $55.39.
The market is within striking distance of the all-time high of $58.28 set at the start of the April. Crude oil prices have rallied for 5 straight sessions, notching up more than $4, as worries about a squeeze on gasoline sparked a flurry of buying.
A gasoline-making unit at a ConocoPhillips' refinery in Louisiana would be down for another week after failing to restart following maintenance, compounding other refinery problems in Texas and Kansas. A heavy surplus of U.S. crude oil and signs of higher OPEC production have done little to calm fears of a gasoline shortfall this summer and a shortage of heating fuel at the end of the year.
25-Apr-05 
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