Oil price up as blackout shuts US refineries

Oil prices rose on Friday on fears of possible fuel shortages after three US refineries were closed down by a massive blackout in the United...

Oil prices rose on Friday on fears of possible fuel shortages after three US refineries were closed down by a massive blackout in the United States and Canada.

The shutdowns caused by the largest power failure in North American history added to concerns over already-low fuel inventories in the world’s largest consumer.

Light trade in stocks

NEW YORK: Stocks floated near the unchanged mark on feather-light volume on Friday as Wall Street struggled to recover. Trading was thin as millions remained without power. Many were stranded and unable to get home and commuter services were chaotic. “Overall, it’s very quiet,”said an analyst. (Reuters)

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International benchmark Brent crude oil climbed 35 cents to $29.22 per barrel, while US crude rose 41 cents to $31.50. US gasoline futures led the charge, climbing 3.37 cents to 101 cents per gallon, its highest since the Iraq war.

‘‘The power blackout in the US seems to have stopped a couple of refineries and gasoline is much higher,’’ said Tony Machacek at Prudential-Bache International, London.

The blackout shut three refineries in the mid-West — two large plants in Ohio and a smaller one in Detroit. These refineries are key to feeding gasoline consumption.

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