Oil prices rose above $58 a barrel Wednesday on concerns that a blast of cold weather would drive up demand for home-heating fuels and on signs gasoline demand is rebounding as the cost at the pump drops.
Light sweet crude for December delivery rose $1.12 to $58.10 a barrel in afternoon trading on the New York Mercantile Exchange. On Tuesday, the front-month crude contract settled at $56.98 a barrel, the lowest settlement price since the $56.50 closing price on June 30.
