IEA warning sends crude oil higher

Crude oil prices were higher on Tuesday after a warning from the International Energy Agency that supplies will be under pressure for the next five years.

Brent Crude for August delivery was 82 cents higher to $76.61 per barrel, while September contracts added 79 cents to $76.82 on the Intercontinental Exchange.

Meanwhile, August contracts for West Texas Intermediate crude had added 58 cents to $72.77 per barrel as mid-afternoon neared in New York.

Besides the new warning from the IEA, there was news that BP (LSE: BP; NYSE: BP; TYO; 5051) had unexpectedly closed three units at an Indiana refinery, while at the same time refineries in Texas and Kansas remained shut down.

Nymex August gasoline was trading at $2.38 per gallon in New York, while August heating oil had added 3 cents to $2.12 per gallon.

At-the-pump prices for gasoline in the United States has also begun to rise again, with the national average up 1 cent to $2.975 per gallon according to the American Automobile Association.

Nymex September natural gas, meanwhile, added 24 cents by afternoon trade to $6.77 per million British thermal units.