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VIENNA, Austria (AP) -- Oil prices shot back up above the psychologically important $70 mark on Friday, trading above that level for the second time in two days on worries about gasoline supplies. With most U.S. refineries expected to increase output in the coming months after finishing maintenance, pressure on gasoline was expected to drop. Still, prices could remain high because increased refinery capacity puts greater demands on crude availability. Light, sweet crude for August delivery r...

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VIENNA, Austria (AP) - Oil prices have shot back up above the psychologically important $70 mark.

The price of crude is trading above that level for the second time in two days on worries about gasoline supplies.

With most US refineries expected to increase output in the coming months after finishing maintenance, pressure on gasoline is expected to drop. Still, prices could remain high because increased refinery capacity puts greater demands on crude availability.

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NEW YORK --Oil prices shot back up above the psychologically important $70 a barrel mark on Friday and tested highs not seen since last August on worries about gasoline supplies.

The discovery of an unexploded car bomb in west London also boosted prices, analysts said.

Light, sweet crude for August delivery on the New York Mercantile Exchange rose 85 cents to $70.42 a barrel after rising as high as $70.75 earlier.

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