Oil Breaks Over $53 as Gas Hits New Peak
NEW YORK (Reuters) - U.S. crude oil prices rose to a fresh four-month high over $53 a barrel Wednesday as refinery problems in Texas propelled gasoline up to an all-time peak.
U.S. light crude futures on the New York Mercantile Exchange touched $53.09 per barrel, a level not seen since late October, before settling up $1.37 to $53.05. London Brent on the International Petroleum Exchange advanced $1.11 to $51.22 a barrel.
The gains tracked a surge in U.S. gasoline futures to a record high of $1.4850 a gallon.
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