Saudi Arabia terror raises oil prices again

Oil prices rose more than $1 a barrel Friday as global supply concerns were stoked by a terrorist attack in &to=http:// english.pravda.ru/world/2003/01/08/41754.html ' target=_blank>Saudi Arabia and refinery snags in the United States.

Light, sweet crude for June delivery jumped $1.19 to settle at $55.39 a barrel on the New York Mercantile Exchange. Gasoline futures climbed 3.23 cents to $1.653 per gallon, reflecting pre-summer supply worries amid a rash of refinery shutdowns, including a decision by Valero Energy Corp. to reduce output at its St. Charles refinery in order to perform maintenance. Heating oil futures rose 1.11 cent to $1.5451 per gallon.

In London, Brent crude for June delivery was up 96 cents at $54.97 per barrel on the International Petroleum Exchange, tells ABC News. Analysts said the news heightened fears that U.S. refiners may struggle to keep up with summertime demand for gasoline.

In Saudi Arabia, suspected militants linked to &to=http:// english.pravda.ru/main/2002/07/26/33240.html ' target=_blank>al-Qaida clashed with security forces Thursday, prompting fresh fears of a supply disruption from the world's largest exporter. Two extremists and two policemen were killed.