Despite the Energy Department's report showing ample fuel supplies for the winter heating season, oil prices continue on an uptrend. New York's main oil contract, light sweet crude for delivery in February, closed at US$63.94 and in London, the price of Brent North Sea crude for February delivery closed at US$62.17 a barrel.
As above normal temperatures continue in parts of USA, gasoline and heating oil futures fell. The weekly update on fuel inventories showed US distillate stocks rose 4.9 million barrels to 133.8 million, gasoline stocks rose 4.5 million barrels to 208.8 million. Crude inventories fell 2.9 million barrels to total 318.7 million in the week ended January 6. Iran's move to resume nuclear research after two years of voluntary suspension also fueled the rise in oil prices Wednesday.
12-Jan-06 
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