Crude Oil Extends Biggest Gain in Six Months on Fuel Supplies
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Crude oil futures rose, extending their biggest gain in six months yesterday when the US government reported a decline in US heating-oil inventories.
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Crude oil futures prices surged by almost $2 a barrel yesterday, the biggest increase in two months, after the Energy Department reported that United States oil supplies had declined more than expected.
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The biggest jump in gasoline prices in six months helped push inflation at the wholesale level higher in May although inflation outside of energy remained well-behaved.
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U.S. crude oil climbed above $60 a barrel for the first time in a month on Friday, extending a gain of $2 a day earlier, amid signs of falling crude exports from producer group OPEC.
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Oil rose nearly $1 on Monday to match its highest in almost a month, extending last week's late gains as Venezuela threatened to halt oil exports to the United States and bomb alerts shut down one of Britain's largest gas fields.
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Oil prices held firm near six-week highs  on Friday after a six percent jump on Thursday driven by  concern that a looming U.S. cold snap will test low U.S. fuel  stocks.
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U.S. crude oil futures rose to a fresh  six-week high on Friday as frigid weather swooped into the  Northeast heating oil market, threatening to strain already  tight winter fuel stockpiles.
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Crude oil futures rose above $42 a barrel Wednesday after government data showed an increase in US fuel supplies. Traders were also focused on an upcoming OPEC meeting at which the group could
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Crude oil rose, extending a 4.7 percent gain in London yesterday, the biggest in seven weeks, amid concern that a larger-than-expected decline in US inventories last week reduced supplies available for production of heating fuels.
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Crude oil climbed to a two-week high on concern colder winter weather will drain supplies of North American and European heating fuels before inventories rebound.
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Oil prices extended gains above &#36;41 a barrel on Tuesday on forecasts of colder temperatures in the U.S. Northeast, a supply cut by top OPEC producer Saudi Arabia and disruptions to Iraqi crude exports.
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U.S. crude oil supplies rose more than   expected last week as imports surged to their second highest on   record, the federal government said on Wednesday.
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Oil prices surged more than $2 on  Thursday to their highest level in six weeks, tracking a nearly  10 percent rally in natural gas as a cold snap cranked up  furnaces across the Midwest.
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Crude oil rose to a two-week high on concern that heating oil supplies may be insufficient as the winter heating season approaches in North America and Europe.
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U.S. crude oil climbed above $60 a barrel  for the first time in a month on Friday, extending a gain of $2  a day earlier, amid signs of falling crude exports from  producer group OPEC.
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Oil prices climbed on Friday as tight  supplies of distillate fuels ahead of the northern hemisphere  winter spurred buying.
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U.S. crude oil supplies rose more than  expected last week as imports surged to their second highest on  record, the federal government said on Wednesday.