World oil prices rose above $60 a barrel today after an explosion at an oil refinery in Texas, run by British energy giant BP. No one was injured in yesterday's blast, although an explosion at the refinery in March killed 15 people.
New York's main contract, light sweet crude for delivery in September, gained 33 cents to $60.27 a barrel in electronic deals. In London, the price of Brent North Sea crude oil for delivery in September advanced 42 cents to $59.18 a barrel.
Analysts said that the explosion caused knee-jerk buying across the oil complex and this triggered technical buying causing US oil futures to trade back above $60 a barrel.
Prices were supported also by fires at relatively minor production centres in India and the US. Dealers said the market had overreacted to a fire at a small US refinery in Meraux, Louisiana as well as a deadly blaze at an offshore oil platform off the Indian city of Mumbai.
At least 11 people have been confirmed dead in the fire at the Indian offshore oil platform fire. Oil Minister Mani Shankar Aiyar told parliament that 384 people had to abandon the platform when it caught fire on Wednesday.
State-owned Oil and Natural Gas Corporation which owns the platform, said 12 workers were still missing.
