Markets hit by further oil price volatility

FURTHER oil price volatility hit the markets yesterday following the blast that killed 14 people in BP’s west Texas refinery.

US light crude rose 61 cents to $54.38 a barrel, after falling more than $3.50, or 6% in the previous two sessions. Brent crude oil futures rose 75 cents to $53.79 a barrel.

Prices rose following Wednesday's blast at a petrol unit in BP's Texas City refinery the third-largest in the United States.