Expectations that above-average temperatures in the United States will mean less demand for heating oil, has caused oil prices to roll back. New York's main contract, light sweet crude for January delivery, was down at US$57.93 from its close of US$58.71 in the United States Wednesday. The Nymex market was closed last Thursday and Friday for the Thanksgiving long holiday weekend.
Rising oil stocks in the United States suggest that oil companies have been able to rebuild their inventories thanks to milder weather after their operations were depleted by hurricanes Rita and Katrina. Stockpiles of crude oil rose 400,000 barrels for the week ending November 18, and gasoline (petrol) stocks rose 200,000 barrels. Inventories of distillate supplies, used to make heating oil and diesel fuel, rose for a second straight week by 1.1 mln barrels, nearly double the amount forecast.
28-Nov-05 
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