The price of oil bounced back above $100 a barrel Wednesday on expectations of tighter supplies.
Benchmark U.S. crude for March
delivery was up 49 cents to $100.43 a barrel in electronic trading on the New
York Mercantile Exchange. It fell 12 cents to $99.94 on Tuesday.
Increased demand for heating oil due
to frigid weather in the U.S. has lifted prices in recent weeks.
In a report issued Tuesday, the Energy
Department estimated Americans will consume 5 percent more fuel this winter to
heat their homes.
Just as inventories of distillates
tighten, refineries are starting to undergo seasonal maintenance, which lowers
supplies and boosts prices heading into spring.
Brent crude, which is used to set
prices for international varieties of crude, gained 8 cents to $108.26 a barrel
on the ICE exchange in London.
In other energy futures trading in New
- Wholesale gasoline gained 0.7 cent
to $2.76 a gallon.
- Heating oil added 0.2 cent to $3.03
- Natural gas jumped 14 cents to
$4.964 per 1,000 cubic feet.