A sharp rise in US crude inventories helped offset concerns about high demand for heating fuel during the northern hemisphere winter, causing crude prices to dip. New York's main contract, light sweet crude for delivery in January closed at US$58.71 per barrel.
US inventories of crude oil, gasoline and distillate products all rose over the past week.Crude stocks climbed by 400,000 barrels for the week ended November 18 to total 321.8 million. Inventories of distillate supplies, which are used to make heating oil and diesel fuel, rose for a second straight week by 1.1 million barrels to 124.5 million, nearly double the amount forecast. The higher inventory levels suggest that, thanks to milder weather, US oil companies have been able to rebuild their stocks, after their operations were battered by Katrina and Rita. US traders are away until Monday due to the Thanksgiving holiday weekend across the United States.
25-Nov-05 
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