Light, sweet crude for March delivery rose to US$58.93 a barrel on the New York Mercantile Exchange midmorning in Singapore, on expectations of a spike in heating fuel demand, as a bone-chilling cold wave blasted through parts of the United States. Colder-than-normal temperatures are expected to linger in the northeast and Midwest through Feb. 18.
Cold weather in USA has helped the oil market find a floor, bringing back investors in the market - contributing to a more bullish overall market sentiment. Strong winter demand for heating fuels is expected to result in a decline of 2.9 million barrels in U.S. distillate stocks in weekly inventories data due on Wednesday.
06-Feb-07 
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