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Oil up $1 as U.S. fuel stocks seen tightening

LONDON - Oil rose $1 on Thursday, closing in on an all-time high of $78.77, as investors expected U.S. refinery snags and slower imports to drain gasoline and crude stocks in the world's biggest consumer, according to Reuters News Agency.

Further momentum was provided after Syria accused Israel of bombing its territory on Thursday and warned it could respond -- a reminder of volatility in the Middle East, source of nearly a third of the world's oil.

Posted by Peter C. T. Elsworth  at 9:52 AM to Oil | Permalink

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