Oil above $69 on new gasoline fears- Topic: Oil and Gas News

Oil prices had been steady near $68 but moved higher after the operator of the largest refined products pipeline in the US postponed a planned restart of a damaged 1. News that BP had again delayed the restart of some fire-damaged units at a major oil refinery in the Chicago area spurred further buying. London Brent crude oil, currently a better indicator of the global market than US oil, settled up $1. A source familiar with the BP refinery told Reuters later yesterday that the company had informed Canadian oil producers that it would not be buying crude as anticipated since repairs to a damaged crude unit at the giant Whiting, Indiana refinery were now expected to last into September. Worries over supplies from Nigeria eased somewhat after community elders expelled protesters occupying a major oil export pipeline hub in Nigeria, allowing crude oil to flow, a traditional chief told Reuters. read more

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