Oil prices on rise, no plans to ramp up production

Oil prices surged nearly $2 a barrel on Thursday to a fresh eight-month high as U.S. refinery closures choked gasoline supplies in the world’s top consumer just ahead of peak summer demand.

Oil prices jumped after news that Murphy Oil shut a crude unit at its refinery in Meraux, La., adding to a string of refinery outages that has sapped U.S. gasoline supplies ahead of the summer driving season.