OIL fell below $73 a barrel yesterday as refiners in the United States cranked up gasoline output, easing supply crunch worries ahead of the peak demand summer driving season.

OIL fell below $73 a barrel yesterday as refiners in the United States cranked up gasoline output, easing supply crunch worries ahead of the peak demand summer driving season.

US oil prices fell yesterday after Houston refineries escaped serious damage from Hurricane Rita, although plants further east in Port Arthur and Lake Charles were hit harder.

OIL prices vaulted over $52 a barrel yesterday, breaking a two-week slump from record highs as refinery problems continued in the United States, the world’s largest energy consumer, continued to worry investors and reignited supply worries.

Mark Shenk, Bloomberg