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Oil hits 14-month high on industry report

06 January 2010 09:23 (UTC +04:00)

Bakuâ€“ APA-Economics. Oil traded near a 14-month high in New York as an industry report showed a decline in U.S. crude stockpiles and cold weather bolstered the outlook for fuel demand in the worldâ€™s largest energy-consuming nation, Bloomberg reported.

Crude oil for February delivery was at $81.79 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 2:17 p.m. Singapore time. Yesterday, the contract rose 26 cents to $81.77, the highest settlement since Oct. 9, 2008. Oil had climbed nine days through yesterday, the longest winning stretch since July.
Brent crude oil for February settlement traded at $80.63 a barrel, up 4 cents, on the London-based ICE Futures Europe exchange at 2:30 p.m. in Singapore. Yesterday, the contract rose 47 cents, or 0.6 percent, to end the session at $80.59.
Heating demand in the U.S. Northeast may be 11 percent above normal through Jan. 12, according to forecaster Weather Derivatives.
Heating oil for February delivery in New York fell as much as 1.36 cents, or 0.6 percent, to $2.1805 a gallon and was at $2.1891 a gallon at 2:28 p.m. Singapore time. The contract rose 0.36 cent to settle at $2.1941 a gallon yesterday.