Oil prices bounce back

11-Oct-05

The stocks with the greatest impact on prices remain the US stocks. The US Department of Energy (DoE) is due to release its weekly report on petroleum stockpiles on Wednesday. Since USA is the world's biggest energy user, the US report is closely monitored by the market. Oil prices rebounded in Asian trade prior to the release of the weekly US government report on oil inventories. New York's main contract, light sweet crude for November delivery, was up at US$62.10 a barrel from its close of US$61.80 in the United States As the northern hemisphere winter draws nearer, there are concerns of insufficient supply of refined crude products, especially heating oil. Weather watchers have predicted a colder than normal winter in the northeastern United States, raising concerns that supplies will be inadequate due to hurricane damage to refineries.