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Oil Rises on Tight U.S., Nigeria Supply

Tuesday, May 08, 2007 2:42:52 PM
By MADLEN READ

NEW YORK (AP) - Crude oil and gasoline prices climbed Tuesday after the U.S. government, citing ongoing problems at the nation's refineries, said U.S. drivers will likely be paying more to fill their tanks this summer than previously forecast.

Bombings at three major oil pipelines in Nigeria also heightened supply worries in the energy market and lifted prices.

Light, sweet crude futures for June delivery rose 79 cents to settle at $62.26 a barrel on the New York Mercantile Exchange, and gasoline futures rose 1.49 cent to settle at $2.2045 a gallon.


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