Thursday, April 12, 2007

Oil hovers above $64 on US gasoline supply worry

(Reuters) - Oil topped $64 on Friday, extending a 3 percent gain a day earlier, as traders fret over a spate of refinery outages in the United States that drained gasoline stocks ahead of the summer driving season.

The market was also supported by a caution by the International Energy Agency (IEA) that oil stocks in industrialised nations may drop further in coming months, after recording the biggest first-quarter decline in a decade.


Read more at Reuters Africa

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