Update: Oil Prices Up After Sliding 3 Percent on Monday

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Crude oil futures jumped Tuesday as traders remained concerned about tight supplies of heating oil and after reports that Saudi Arabia had delivered on its promise to scale back output.


Light sweet crude for February delivery climbed $1.78 to $43.90 in afternoon trade on the New York Mercantile Exchange after starting 2005, on Monday, with a $1.33 drop due to mild weather in the key U.S. Northeast. London’s Brent crude rose 58 cents to $41.07 a barrel. London’s International Petroleum Exchange was closed on Monday for a holiday.