Oil Prices Rise Slightly
Oil prices rose slightly, with a warmer than usual winter in the U.S. restraining gains in the market.
Light sweet crude for February delivery was up 11 cents to $61.16 a barrel. February Brent rose 10 cents to $60.96 a barrel.
The market's short-term focus has turned to demand for winter fuels, particularly in the U.S. Northeast, the world's largest heating oil market.
Forecasts from the National Weather Service are for relatively warm temperatures in many parts of the country into the middle of January an outlook that has sent oil prices sliding.
Government data last week also showed U.S. heating oil inventories at 4.6 % above their 5-year average levels.
Oil prices could still find some support from longer-term concerns over the security of supplies and on expectations of robust growth in demand.
Light sweet crude for February delivery was up 11 cents to $61.16 a barrel. February Brent rose 10 cents to $60.96 a barrel.
The market's short-term focus has turned to demand for winter fuels, particularly in the U.S. Northeast, the world's largest heating oil market.
Forecasts from the National Weather Service are for relatively warm temperatures in many parts of the country into the middle of January an outlook that has sent oil prices sliding.
Government data last week also showed U.S. heating oil inventories at 4.6 % above their 5-year average levels.
Oil prices could still find some support from longer-term concerns over the security of supplies and on expectations of robust growth in demand.
posted by Ottawa Gas Prices | 5:15 AM
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