Oil jumps 2 percent on U.S. refinery worries

NEW YORK, May 10 (Reuters) – Oil jumped 2 percent on Wednesday as refinery problems in the United States added to gasoline supply concerns ahead of the summer driving season.

U.S. light crude prices last traded up $1.46 at $72.15 a barrel and gasoline futures gained more than 12 cents to trade at $2.17 a gallon. Brent crude in London rose $1.32 to $72.40 a barrel.

Problems at Valero’s Texas City, Texas, refinery and ConocoPhillips’ Bayway plant in New Jersey pushed oil prices into positive ground after prices fell when weekly U.S. inventory data showed a build in gasoline inventories last week.

Gasoline stocks in the United States, the world’s biggest gas guzzler, are a major concern for oil markets ahead of the summer driving season when demand peaks.
 
Reuters