IEA says OPEC has tightened supplies too much

Crude oil prices were up on Thursday as continuing refinery problems, including a new shutdown at a Citgo refinery in Louisiana, mean less gasoline available for drivers as the summer driving season nears in the United States. In addition, the International Energy Agency has said that the Organization of Petroleum Exporting Countries has tightened supplies too much, threatening that global supplies will be insufficient for the next few months.

Brent crude was $1 higher to $68.84 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude for May delivery added $1.84 to $63.85 per barrel on the New York Mercantile Exchange by mid-afternoon. Nymex gasoline was up 3 cents to $2.19 per gallon, while heating oil added 3 cents as well, to $1.91 per gallon. Natural gas gained 7 cents to $7.91 per million British thermal units.