Crude prices that tumbled to a 19-month low to levels under 50 dollars in New York on Thursday on release of weekly report showing increases in oil stocks, saw a hike. Asian trade saw oil prices rising as falling temperatures in the United States boosted demand for heating oil. New York's main contract, light sweet crude for February delivery rose to US$52.38 a barrel from US$51.99 in late US deals Friday. Brent North Sea crude for March was 19 cents higher at US$53.63.
However, analysts believe that the spike in prices may be short-lived as the colder weather may have come a bit too late - coinciding with a time when the United States has ample stocks of heating oil.
22-Jan-07 
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