Oil Prices Fall, Gasoline Rises

04/30/2007

By THE ASSOCIATED PRESS
Published: April 30, 2007


NEW YORK (AP) -- Oil prices fell Monday and gasoline prices rose after another series of refinery problems were reported over the weekend.

Traders are concerned about a glut of oil building up in the supply chain for refineries, and about a shortage of gasoline being produced by the facilities.

Light, sweet crude for June delivery fell 52 cents to $65.94 a barrel in midday trading on the New York Mercantile Exchange. Crude surged above $66 a barrel late Friday after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom allegedly planned to attack oil fields.

Brent crude for June delivery dropped 59 cents to $67.82 a barrel on London's ICE Futures exchange.

Gasoline futures, on the other hand, rose 3.87 cents to $2.40 a gallon.

''It's basically talk of refinery outages'' that is moving gasoline prices higher Monday, said Antoine Halff, an analyst with Fimat.

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