Oil rises with US gasoline supply concerns

Oil price: US numbers rose on refinery fears

AFP/Scanpix

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News Wires

 14 February 2013 21:46 GMT

Oil prices edged up on Thursday as fears about US gasoline supply pulled the complex higher, overshadowing concerns of weakening economic output in the euro zone.

Gasoline prices rose more than 2% on the expectation that a busy refinery maintenance season could draw down stockpiles, despite current healthy levels.

"About the only thing going on is a panic attack regarding gasoline. There is a fear in the marketplace that gasoline supplies will fall short," said Tim Evans, an energy analyst for Citi Futures Perspective.

Gasoline inventories on the US East Coast rose to their highest in nearly a year, according to government data on Wednesday.

"We have the data over on one side of the balance here, and we have…

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