Oil resumes climb on fear of winter supply crunch
AFP, London
Oil prices resumed their upwards march after falling for two days as traders braced for a drop in heating oil stocks ahead of the peak demand season during the northern hemisphere winter. The price of reference light sweet crude for delivery in November climbed by 36 cents to 53.65 dollars a barrel in electronic trading on the New York Mercantile Exchange. US crude oil futures have fallen sharply from an all-time high 55.33 dollars set in electronic deals on Monday, as investors locked away profits from a record-setting run. In London Brent North Sea crude oil for December delivery increased by 43 cents to 49.20 dollars in early deals. "Prices are picking up ahead of the stats on US stocks," said GNI-Man Financial trader Kevin Blemkin, referring to weekly oil inventory estimates from the Department of Energy (news - web sites) and the private American Petroleum Institute.
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