Oil Prices Inch Up to $62.87
Oil prices rose Friday after falling more than $1 in the previous session as shipments returned to normal in the U.S. Gulf Coast region.
Still, signs of an economic slowdown in the United States and forecasts of continued mild temperatures for the U.S. Northeast put a relatively low ceiling on prices.
Crude Oil rose 21 cents to $62.87 a barrel. The contract on Thursday fell US$1.06 to settle at US$62.66 a barrel.
Brent crude was fetching US$62.80, up 34 cents.
Shipping operations along the Gulf of Mexico Coast returned to normal after more than a week of disruptions due to dense fog. The delivery problem helped to create a big draw down in last week's oil stocks.
Oil prices could remain under pressure after the National Weather Service forecast Thursday that temperatures in the Northeast - an area of high demand for heating fuel and gasoline - will remain above normal through the first days of January.
Still, signs of an economic slowdown in the United States and forecasts of continued mild temperatures for the U.S. Northeast put a relatively low ceiling on prices.
Crude Oil rose 21 cents to $62.87 a barrel. The contract on Thursday fell US$1.06 to settle at US$62.66 a barrel.
Brent crude was fetching US$62.80, up 34 cents.
Shipping operations along the Gulf of Mexico Coast returned to normal after more than a week of disruptions due to dense fog. The delivery problem helped to create a big draw down in last week's oil stocks.
Oil prices could remain under pressure after the National Weather Service forecast Thursday that temperatures in the Northeast - an area of high demand for heating fuel and gasoline - will remain above normal through the first days of January.
posted by Ottawa Gas Prices | 5:14 AM
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