Oil prices rose above US $72 a barrel Tuesday as the suspension of some refinery production along the US Gulf Coast due to a shipping snag reignited concerns that gasoline supplies would not be able to meet demand during the summer.
Also, rising demand from China - Asia's largest consumer of fuels - and worries about the ongoing tension between Iran and the West have lifted oil prices in recent weeks, with crude futures now trading about 19 percent higher than a year ago.
Light, sweet crude for August delivery rose 50 cents to US $72.30 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.
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