The price of oil rose today driven by concerns that flooding could hit US refinery operations, squeezing petrol supplies ahead of the summer driving season.
While no refineries have been forced to cut operations yet, rising waters along the Mississippi threaten to disrupt plants in Louisiana in the next two weeks.
Brent rose $1.06 to $116.96, while US crude traded up 12 cents to $102.67 a barrel. The price was driven also by talk that a new bailout package deal for Greece could be reached as early as June, which boosted the euro against the dollar.
Oil prices had rebounded sharply yesterday, helped by positive employment data from the US, the world's largest oil consumer. Prices had slumped last week in response to evidence of weakening demand for energy.
