Nymex heating oil futures gained, settling at US$1.6066 a gallon, up 2.47 cents. This rally in heating oil futures pushed oil prices up, as light sweet crude for September delivery climbed to US$59 a barrel on the New York Mercantile Exchange and in London, Brent crude futures for September rose to US$57.86 a barrel on the IPE. This was fueled by the latest energy supply report that indicated a build in distillate fuels, such as heating oil and diesel. Traders also anticipate this weeks supply report to show a decline in U.S. inventories of crude oil as a result of recent storm-related supply disruptions in the Gulf of Mexico.
Oil prices are about 40% higher than a year ago, but more than US$3 below their record intraday price reached on July 7, of US$62.10 a barrel.
26-Jul-05 
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