Oil prices rose this evening as a flurry of US refinery problems stoked supply fears leading into peak summer driving season.
US crude rose 81 cents to $59.84 a barrel this evening, while London Brent rose 56 cents to $59.03 a barrel.
The gains came after a fire struck a gasoline-making unit at Flint Hills Resources' 288,126 barrel-per-day oil refinery in Corpus Christi, Texas.
The oil market closely monitors refinery operations in the spring as suppliers try to boost petrol inventories ahead of summer vacation season when demand peaks.
The fire came after an explosion on Sunday at Sunoco's oil refinery in Marcus Hook, Pennsylvania, forced the company to shut a gasoline-making unit and slow crude oil processing.
Adding support to oil, equity markets rose slightly as Wall Street remained hopeful that the global recession was moderating.
Commodities markets have closely tracked the stock market in recent months as dealers seek signs of economic health. But gains on the oil and equities markets were tempered by weak US housing data for April showing housing start permits dropping to a record low.
Oil prices have been on an upward trend since mid-April in equity-led rallies. They have recovered from below $33 in December last year after a plunge from record highs above $147 in July.
