Oil futures crept up as the market recovered from the previous day's fall of over one dollar. Light, sweet crude for December delivery rose to US$60.80 a barrel in electronic trading on the New York Mercantile Exchange.
Oil prices are more than 10% below the August peak of US$70.85 a barrel, but with the approach of the Northern Hemisphere winter, oil prices are expected to firm up due to rising heating oil demand in Europe and the United States.
This year's winter in the U.S. is predicted to be colder than last years', and an unexpectedly cold winter could drive up prices. 68% of daily oil production and 56% of daily gas production in the Gulf of Mexico remains shut.
28-Oct-05 
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