Grangemouth refinery

Oil steadied on Wednesday as U.S. government data showed crude stocks rising and refiners cranking up runs ahead of the summer driving season, easing supply worries that sent prices to near $120 a barrel. U.S. crude for June was up to $118.03 a barrel at 1:34 p.m. EDT . The May contract expired on Tuesday at $119.37 after briefly hitting a record $119.90.
London Brent crude rose to $116.19 a barrel, after hitting a record $116.75 the previous session. U.S. crude oil stocks rose 2.4 million barrels last week, according to the U.S. Energy Information Administration, above analyst forecasts. [EIA/S] There's plenty of crude out there, analysts and traders are also to blame for the crude price, its in their interest keeping the crude at this level,the more money they make...
The build helped counter concerns about exports from Nigeria and the North Sea that pushed crude higher earlier this week, while a 4.2 percentage point rise in U.S. refinery runs helped counter worries that low levels of fuel production ahead of summer holiday travel. Despite signs refiners were increasing activity, U.S. gasoline and distillate stocks fell more than analysts had expected, helping stem an earlier slide in prices.
Oil prices have jumped more than five-fold since 2002 as speculation has become the driving force behind these abnormal prices.. Rebel attacks on oil pipelines in OPEC member Nigeria helped push markets to fresh highs this week, forcing Royal Dutch Shell to declare force majeure on Bonny Light exports after 169,000 barrels per day (bpd) of oil was shuttered.
Further support came from potential disruptions stemming from a two-day stoppage at the Grangemouth refinery in Scotland.scheduled to start on Sunday.