Oil Prices Jump On Heating Oil Surge
NEW YORK (AP) _ A rush of buying in heating oil has boosted oil futures prices for the second consecutive day.
Analysts said the bullish sentiment Thursday was prompted by reports of thin supplies of heating oil in advance of the winter season in the Northeast.
On the New York Mercantile Exchange, the January delivery price of West Texas Intermediate, the main U.S. crude oil, rose 31 cents to $18.87 per 42- gallon barrel. The contract had gained 10 cents per barrel on Wednesday.
The near-term contract for wholesale heating oil jumped a full cent to 56.67 cents per gallon, after gaining 0.81 cent the previous day.
Wholesale unleaded gasoline for January delivery advanced 0.13 cent to 48.42 cents per gallon, reversing a 0.34 cent decline on Wednesday.
Peter Beutel, assistant director of the energy group at Elders Futures Inc., said crude oil prices also were boosted by an improved outlook for the Dec. 9 meeting of the 13-nation Organization of Petroleum Exporting Countries.
But the analyst cautioned that the consensus on the OPEC meeting was that the fractured cartel would have trouble limiting production and boosting prices when it meets next week in Vienna, Austria.