Oil rises above US $72 a barrel on supply worries

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.