Gasoline rose to a 12-week high as refinery shutdowns increased supply concerns and stronger Brent crude boosted the cost of shipments of fuel from abroad and imported oil used at U.S. plants.
Futures gained as a fire that shut the crude unit at Chevron Corp. (CVX)’s Richmond refinery in California follows outages in the Midwest and Gulf Coast. Prices broke above $3 a gallon for the first time since May as Brent advanced to a two-month month high. North Sea oil shipments are poised to fall 7 percent next month.
Source: Bloomberg. Read full article. (link)