Crude Oil Prices Surge Above 61 Dollars

Crude oil prices surge above 61 dollars

NEW YORK, Oct. 27 (Xinhua) — Crude oil prices surged above 61 dollars a barrel Thursday amid concerns over a cold winter snapping the US northeast when demand for heating fuel is forecast to surge.

New York’s main contract, light sweet crude for delivery in December, climbed 43 cents to end at 61.09 dollars a barrel.

In London, the price of Brent North Sea crude for December delivery gained 27 cents to 59.14 dollars a barrel.

On the New York Mercantile Exchange, heating oil futures fell less than a penny to settle at 1.8539 dollars per gallon, while gasoline futures rose less than a penny to end at 1.5926 dollars per gallon. The US National Oceanic and Atmospheric Administration is predicting this winter will be colder than last year in the United States, but warmer than the 30-year average. Analysts warned an unexpectedly cold winter could drive up prices.

Worries about cold weather hitting the US northeast saw New York crude futures surge 2.12 dollars on Tuesday to close at 62.44 dollars.

According to a US Minerals Management Service report Thursday, 68 percent of daily oil production and 56 percent of daily gas production in the Gulf of Mexico remained shut-in.