Led higher by higher gasoline prices, oil prices shot above US$63 a barrel. The hike has also been prompted by a recent decision by the Organization of Petroleum Exporting Countries to cut output early next year. Gasoline futures climbed 3.83 cents to settle at US$1.7005 a gallon on expectations that a U.S. government report scheduled for Wednesday will show motor fuel inventories shrank last week. US$62-63 seems to be the price range of perfect equilibrium in crude oil, as the market believes that at US$58-59, OPEC will get serious about reducing output.
Light sweet crude for January delivery rose 94 cents to settle at $63.15 a barrel on the New York Mercantile Exchange and February Brent at London's ICE Futures exchange rose 68 cents to settle at $62.70 a barrel. Nymex natural gas prices gained 0.8 cent to settle at $7.083 per 1,000 cubic feet, while heating oil futures slipped less than a penny to $1.7187 a gallon.
20-Dec-06 
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