Oil Eyes $55 on U.S. Refinery Problems

Oil prices made further gains back toward $55 a barrel on Friday as traders said sustained demand and refinery outages could strain U.S. gasoline supplies ahead of peak summer motoring demand.

U.S. light crude (CLc1) rose 50 cents to $54.30 a barrel, making a four-day rally that has added over $4 to prices.

Oil is 25 percent above levels at the end of 2004 and nearing the all-time peak of $58.28 struck earlier this month.