Oil prices were higher in midmorning trade in Asia as investors returned to a heavily oversold market, overwhelmed by US stockpiles and mild temperatures. New York's main contract, light sweet crude for delivery in December, stood at US$57.94 a barrel from its close of US$57.53 in the United States last Friday.
Crude prices have dipped to their lowest point in four months as mild temperatures in the United States have cooled demand for heating oil. The DoE reported last week that crude inventories rose for a fifth week, adding 4.5 mln barrels to 323.6 mln up to November 4. Motor gasoline, or petrol, stocks climbed 4.2 mln barrels to 201.1 mln barrels and distillate supplies, which include diesel and heating fuel, fell by 100,000 barrels to 120.8 mln as refineries worked on producing more gasoline.
14-Nov-05 
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