| Crude oil prices rebound after Monday's sharp drop |
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| Wednesday,December 29,2004 Posted: 10:41 BJT(0241 GMT) |
Crude oil prices climbed slightly Tuesday but remained below 42 dollars per barrel as traders speculated US stockpiles and warmer weather forecasts didn't justify yesterday's sharp decline.
On the New York Mercantile Exchange, oil futures for February delivery rose 45 cents to end at 41.77 dollars a barrel. The International Petroleum Exchange in London remained closed today but would reopen tomorrow.
A Bloomberg survey indicated the next Energy Department's report might show a falling supplies of distillate fuels, which included heating oil and diesel. The report was scheduled to be released early Wednesday.
Forecasts showed warmer weather in the key US Northeast later this week and next week, but traders believed the forecasts for rising temperatures didn't justify Monday's 6.5 percent drop in oil prices.
Oil prices were about 25 percent below the late October high above 55 dollars per barrel, though they were still nearly 30 percent higher than a year ago.
Analysts saw room for oil prices to fall further.
(Xinhuanet)
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