Oil climbs amid refinery worries

Crude oil futures rose by about $1 on Thursday, recovering most of the losses suffered in the previous session, amid concerns about global refinery tightness and the threat of another tropical storm sweeping through the Caribbean.

IPE Brent for September delivery gained $1.01 to $60.66 a barrel in late afternoon London trade, reversing the 97 cent decline from the previous session, which was largely triggered by an unexpected rise in US crude inventories.