NEW YORK, 30 December 2004 — Oil prices rose for a second day yesterday after the US government reported another decline in lean winter heating fuel stocks.
US light crude oil futures rose $1.58 to $43.35 a barrel on the New York Mercantile Exchange by 1:42 p.m. EST (1842 GMT).
In London, Brent crude fell 90 cents to $39.40, catching up with heavy US losses earlier this week when the International Petroleum Exchange was closed.
Earlier, prices rose as the US Energy Information Administration said stocks of distillate fuel, including heating oil and diesel fuel, dropped by 800,000 barrels last week to 119.1 million barrels.
US home heating needs were estimated to be nearly 18 percent below normal for this week, the US National Weather Service forecast on Monday. Oil prices are still more than $9 higher than the start of the year, but some $14 below record highs hit in late October, as signs grow that this year’s price rally was eroding fuel demand growth.