Oil Gains as Philadelphia Refinery Unit Shut After Fire

Oil Gains as Philadelphia Refinery Unit Shut After Fire

Oil climbed in New York as a fire shut a unit at a Philadelphia refinery and a government report showed U.S. gasoline supplies plunged the most in 12 years.

Futures rose as much as 0.8 percent after Sunoco Inc. said it closed a fluid catalytic cracker in the Girard Point section of its refinery after a ?small? fire. Gasoline supplies dropped 7 million barrels to 209.7 million last week, an Energy Department report showed yesterday. Stockpiles of the fuel have slipped 31.4 million barrels in the past eight weeks.

Source: Oil Gains as Philadelphia Refinery Unit Shut After Fire