Oil prices rise after report shows U.S. oil refineries boost production

Oil prices rose Thursday on a report showing that U.S. oil refineries were accelerating gasoline production ahead of the summer driving season even as U.S crude and gasoline supplies fell.

The drop in oil stocks was unexpected, and draws on gasoline supplies greater than forecast.

Light, sweet crude for May delivery rose 5 cents to US$63.18 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract, which expires Friday, had settled 3 cents higher at US$63.13 a barrel Wednesday after a rally from earlier losses.

IHT