Analysts worried the aging US refineries and their output mightnot be able to meet summer demand
Crude oil prices rose again Tuesday as traders worried that refining capacity might not be able to meet peak-time demand.
Light, sweet crude oil futures for July delivery rose 51 cents to end at $49.67 a barrel on the New York Mercantile Exchange.
Meanwhile on London's International Petroleum Exchange the July Brent crude-oil futures contract gained 34 cents to finish at $48.71per barrel.
Analysts worried the aging US refineries and their output mightnot be able to meet summer demand. Refineries also began to switchover to production of heating oil at the same time in preparation for winter.
"Indications are that there is enough crude but the question ison refining capacity to get that crude or products out in a timely fashion," a Texas-based energy analyst said, worrying about potential refining problems.
