"The wholesale price of light, sweet crude oil for June delivery rose Wednesday on the New York Mercantile Exchange to $49.25 per barrel.
The 28 cent increase in late morning trading mirrored a rise in Europe's benchmark Brent crude price, and appeared to stem from Saudi Arabia's publicly expressed concerns that even strong production from the world's oil cartel cannot overcome the United States' lack of adequate refining capacity.
The Organization of Petroleum Exporting Countries said it has temporarily set aside its formal production ceiling and is currently producing around 30 million barrels per day -- a 25-year high."
