Oil rises, petrol jumps to two-year high – Australia News


Petrol futures have surged more than 13 per cent, and crude oil has settled nearly 3 per cent higher, as almost a quarter of US refining capacity remained offline and traders scrambled to reroute millions of barrels of fuel.

US petrol futures have rallied more than 28 per cent from the previous week to a two-year high above $US2 ($A2.5) a gallon, buoyed by fears of a fuel shortage days ahead of the US Labour Day weekend’s traditional surge in driving. Petrol settled up 25.52 US cents, or 13.54 per cent, at $US2.1399.

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