Crude Oil Surged Ahead Of Winter Season

Crude oil prices surged above $62 a barrel Tuesday amid fears over a cold winter that may snap the US northeast.

New York's light sweet crude December futures jumped $2.12 to close at $62.44 a barrel.

In London, Brent crude for December delivery rallied $2 to $60.24 per barrel on the IPE.

Heating oil for November delivery rose more than nine cents to settle at 1.8899 dollars a gallon, while November gasoline rose more than seven cents to 1.6538 dollars a gallon. November natural gas rose 1.334 dollars to 14.338 dollars per million British thermal units.

The market remains sensitive to any shift in demand or supply and any unusually cold weather could increase demand for heating oil analysts said.

The federal Minerals Management Service said Tuesday that 69 percent of daily oil production and 56 percent of daily natural gas production remains off-line in the aftermath of Hurricanes Katrina and Rita.