Oil prices neared $59 a barrel Tuesday as the approach of a possible storm in the Northeast boosted expectations for increased heating oil demand over the next few weeks.
Crude futures saw a second day of gains after sliding to five-month lows last week, Prices are about 20 percent above year-ago levels. A barrel of light sweet crude for January delivery added $1.14 to settle at $58.84 on the New York Mercantile Exchange.
Other Nymex prices also advanced, with heating oil rising 2.7 cents to $1.736 per gallon, natural gas up 28.3 cents at $11.614 per 1,000 cubic feet and gasoline adding 3 cents to finish at $1.49 per gallon. January Brent on London’s ICE Futures exchange rose $1.07 to $56.41 a barrel.
