Crude futures edged higher Tuesday to settle just below $60 a barrel amid worries that colder weather in the northeastern U.S. could boost demand for heating fuels.
Light sweet crude for January delivery rose 3 cents to close at $59.94 a barrel on the New York Mercantile Exchange. The contract reached an intraday high of $60.80 a barrel on Monday, its highest level in a month. Oil prices are nearly 16 percent below the late August all-time high of $70.85 after Hurricane Katrina battered the Gulf Coast.
