Crude Oil Increases After Blast on Gulf of Mexico Platform
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Crude oil rose for a second day after a platform owned by Mariner Energy Inc. in the Gulf of Mexico was struck by an explosion, bolstering concern that regulations will reduce output in the region.
Oil rebounded after the U.S. Coast Guard reported the blast, which occurred 90 miles off the Louisiana coast. The Obama administration instituted a temporary moratorium on deep-water oil and gas drilling in the Gulf on May 27 in reaction to a BP Plc oil spill, the worst in U.S. history.