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Crude oil closes above US$103 a barrel, driven by winter demand, supply concerns

The price of oil rose above US$103 a barrel Wednesday, driven by severe winter weather in the U.S. and supply concerns. Benchmark West Texas Intermediate crude for March delivery rose 88 cents to US$103.31 a barrel ion the New York Mercantile Exchange after surging $2.13 on Tuesday. The more heavily traded April contract was up 74 cents at US$102.84 a barrel. The last time the price of oil was above $103 was in October.

New York oil hits 2014 peak

New York crude oil struck the highest level so far this year on Wednesday, underpinned by US winter weather and renewed conflict in South Sudan and Venezuela, analysts said. New York's main contract West Texas Intermediate (WTI) for delivery in March surged to a four-month high at $103.14 a barrel in Asian trade. It later stood at $102.31, up 38 cents from Tuesday's close. Brent North Sea crude for April eased 18 cents to stand at $110.28 a barrel in London early afternoon deals.

U.S. derailed train spills up to 4,000 gallons of crude -operator

NEW YORK (Reuters) - Norfolk Southern Corp, the operator of a train carrying crude oil that derailed in Pennsylvania on Thursday, said about 3,000-4,000 gallons of oil had leaked from four tank cars and that an environmental team was on site to clean the spill. "The train was transporting a variety of products, including Canadian heavy crude oil, LPG (liquefied petroleum gas), soda ash, and food products," the company said in a statement. Three thousand to 4,000 gallons of crude oil amounts to 71 to 95 barrels.

Crude oil rises to US$97.84 a barrel on labour market news, cold weather

NEW YORK, N.Y. - The prices of oil rose Thursday as a positive report on the U.S. labor market and more cold temperatures boosted expectations of higher demand for heating oil. Benchmark West Texas Intermediate crude for March delivery rose 46 cents to close at US$97.84 a barrel on the New York Mercantile Exchange, after earlier rising near US$99.

US oil finds support from jobs data, heating oil demand

US oil prices rose modestly Thursday, bolstered by an upbeat jobs report and stronger demand for heating oil as bitter winter weather continues to seize large parts of the country. The US benchmark contract, West Texas Intermediate for delivery in March, gained 46 cents to settle at $97.84 a barrel. Earlier in the day WTI hit its highest level in a month. In London, Brent North Sea crude for March, Europe's main contract, closed at $107.19 a barrel, a gain of 94 cents from Wednesday.

Oil advances on strong US heating fuel demand

Crude oil prices climbed on Thursday, extending gains on stronger demand for heating fuel in the United States as the country grapples with severe winter, dealers said. US benchmark West Texas Intermediate (WTI) for delivery in March advanced 35 cents to $97.73 a barrel. Brent North Sea crude for March also rose 35 cents to stand at $106.60 a barrel in London morning deals. "Freezing conditions continue across the States, supporting heating oil demand," said analyst Lucy Sidebotham at British-based energy consultancy Inenco.

Oil advances on strong US heating fuel demand

Crude oil prices climbed on Thursday, extending gains on stronger demand for heating fuel in the United States as the country grapples with severe winter, dealers said. US benchmark West Texas Intermediate (WTI) for delivery in March advanced 35 cents to $97.73 a barrel. Brent North Sea crude for March also rose 35 cents to stand at $106.60 a barrel in London morning deals. "Freezing conditions continue across the States, supporting heating oil demand," said analyst Lucy Sidebotham at British-based energy consultancy Inenco.

Feds: Crude oil shipments from North Dakota's Bakken region found to be improperly classified

WASHINGTON - Federal transportation officials say investigators found crude oil being transported from North Dakota's Bakken region was misclassified in 11 out of 18 truck shipments tested. The Pipeline and Hazardous Materials Safety Administration said Tuesday it proposed fining three companies involved in the shipments a total of $93,000. The trucks were taking oil to be loaded into rail tank cars.

Oil flat after Fed decision to reduce stimulus

The price of oil was little changed Thursday after a big drop in heating oil supplies was offset by the Federal Reserve's decision to further reduce its stimulus. Benchmark U.S. crude for March delivery was up 6 cents at US$97.42 a barrel at 12:35 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract slipped 5 cents to close at $97.36 on Wednesday.

Oil prices supported by dip in US distillate supplies

Oil prices edged higher in Asian trade Friday as a surprisingly sharp decline in US distillate supplies last week buoyed forecasts of stronger demand in the world's top crude consumer, analysts said. New York's main contract, West Texas Intermediate for March delivery, was up 18 cents at $97.50 in afternoon trade while Brent North Sea crude for March rose eight cents at $107.66.
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