Oil traded as high as US$57.05 before falling back to settle at US$56.97 a barrel, as the market awaits the weekly U.S. inventories report. Oil and natural gas prices jumped Tuesday on expectations of more cold weather in the United States and renewed concerns about OPEC production cuts. The market expects an increase in gasoline stockpiles but a fall in distillates such as heating oil in the inventory report. Below freezing temperatures have been predicted in the U.S. Midwest and colder-than-normal temperatures are also expected through mid-February in the Northeast, which is responsible for 80% of the country's heating oil consumption.
31-Jan-07 
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