Oil prices rose yesterday on slow growth in US heating fuel inventories.
Oil prices rose yesterday on slow growth in US heating fuel inventories.
US light crude was up 74 cents to $42.20 in New York, lifted by the report of the US government data showing heating oil inventories rose only 100,000 barrels in the week to 3 December. On the London?s IPE Brent crude futures climbed 78 cents to $39.05.
News of the slower-than-expected heating oil build pulled the US market off a $40.45 low, the weakest since late-July, hit after leading OPEC producer Saudi Arabia questioned the need for the cartel to curb supplies.
The US Energy Information Administration said distillate stocks rose by about 1.4 million barrels in the week ended 3 December, the third weekly increase in a row, and roughly in line with expectations.
However, key heating oil stocks accounted for only 100,000 barrels of this build, leaving total levels more than 13 per cent below those of a year ago.
