Oil leaps a dollar on Italy refinery fire

LONDON – Oil climbed more than a dollar on Monday after a refinery fire in Italy added to fears
Iran’s defiant pursuit of its nuclear program and violence in Nigeria will lead to a global fuel shortage.

IPE Brent crude futures stood 66 cents higher at $72.68 by 1111 GMT. Earlier they had risen more than a dollar to a session high of $73.05.

U.S. light, sweet crude jumped 59 cents to $72.47 a barrel, off a session peak of $72.85.

Prices were driven higher after a weekend fire that shut ERG (ERG.MI) group’s 160,000 barrel per day (bpd) Impianti Nord refinery in Sicily renewed concerns about inadequate refining capacity.

“It’s all to do with the refinery in Sicily,” said Rob Laughlin of brokers Man Financial in London.

Reuters