Oil Prices Fall Despite Unrelenting Rise In Gasoline Prices

Monday, April 30th 2007, 8:03 pm
By: News On 6

NEW YORK (AP) _ Oil prices fall Monday and gasoline prices rose after another series of refinery problems, including one in Oklahoma, are reported over the weekend.

Crude oil traders attempted a late rally, briefly pulling oil into positive territory before concerns about a glut of oil building up in the supply chain for refineries reasserted themselves in the market.

Light, sweet crude for June delivery fell 75 cents to settle at $65.71 a barrel on the New York Mercantile Exchange.

Meanwhile, gasoline futures jumped 7.92 cents to settle at $2.44 cents a gallon.

Analysts say that talk of refinery outages are moving gasoline prices higher.

Recent problems include a fire and explosion on Friday that temporarily shuttered Gary Williams Energy Corporation's 50,000-barrel-per-day refinery in Wynnewood, Oklahoma.

Also, portions of ConocoPhillips' 247,000-barrel-per-day refinery in Sweeny, Texas, shut down on Saturday due to power outages.