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Oil Prices - people are just waiting for news
Global crude oil prices boiled higher as investors sweated over thin stocks of US winter heating fuel, strained crude supplies and rampant energy demand. New York's light sweet crude for delivery in December -- a new contract after the November-dated security expired Wednesday -- rose six cents to close at 54.47 dollars. Brent North Sea crude oil for December climbed 20 cents to 50.72 dollars. "It's a continuation of the upward trend," said Refco market analyst Marshall Steeves. Heating oil prices were climbing because of lower inventories, revealed in a weekly update Wednesday, he said, wrote Turkish Press. A day earlier, the November contract for crude settled at $54.92 per barrel, a penny below the record closing price on Nymex and briefly surpassed $55 a barrel. The November contract expired Wednesday. "Fifty-five dollars seems to be kind of an invisible barrier. I don't know what it is about that price," Alaron Trading Corp. analyst Phil Flynn said. "People are just waiting for news.", reports Forbes.
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