Oil rises, snaps six-day slide

By Matthew Robinson

NEW YORK (Reuters) - Oil prices rose slightly on Thursday as talk of refinery shutdowns spurred stirred gasoline supply concerns, ending a six-day slide.

U.S. crude settled up 27 cents at $60.41 a barrel after briefly dipping below $60 to the lowest level since mid-May. Crude had fallen from $71 in the previous six sessions.

London Brent crude gained 67 cents to settle at $61.10 a barrel.

U.S. RBOB futures rose 3.05 cents, or 1.87 percent, to settle at $1.6638 a gallon after Valero Energy said it had begun shutting its Aruba refinery due to poor economics.

In addition, Royal Dutch Shell said it is conducting a strategic review of its Montreal East refinery in Canada, which may lead to a closure or sale as the industry struggles with weak profit margins.

"I think there was some bargain hunting on the gasoline market," Tim Evans, energy analyst for Citi Futures Perspective, in New York.

"The Valero report that they were ramping down production at the Aruba refinery and Shell's announcement that it was reviewing their East Montreal refinery makes gasoline supplies seem a little less secure."

The summer gasoline season typically peaks during the July 4 Independence Day holiday, although U.S. weekly inventory data released on Wednesday showed a steeper-than-expected build in gasoline stocks. The gains helped push gasoline down 5.74 percent on Wednesday.