Prices plunged as a rise in US distillate inventories and weather forecasts calling for above-average temperatures eased anxiety about US winter fuel supply.
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Crude Oil Prices Recover
Crude oil prices rose on Tuesday after despite expected warmer winter weather
Crude oil prices rose on Tuesday after despite expected warmer winter weather in the US.
US light crude futures rose 88 cents in morning trade to $42.20 a barrel on the NYMEX, after Monday's more than 6 per cent slump. London's International Petroleum Exchange was shut for a seasonal holiday.
Prices plunged as a rise in US distillate inventories and weather forecasts calling for above-average temperatures eased anxiety about US winter fuel supply.
US domestic heating needs will be nearly 18 per cent below normal in the coming week, with the heavy consuming New England area 7.7 per cent below average, the US National Weather Service forecast on Monday.
Prices plunged as a rise in US distillate inventories and weather forecasts calling for above-average temperatures eased anxiety about US winter fuel supply.
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