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Oil prices up amid heating fuel supply concerns
2005-10-29 01:20:58 XinhuaEnglish

NEW YORK, Oct. 28(Xinhuanet)-- Crude oil prices edged up above 61 dollars a barrel amid heating fuel supply concerns.

New York's main contract, light sweet crude for delivery in December, rose 13 cents to close at 61.22 dollars a barrel.

In London, the price of Brent North Sea crude for December delivery added 28 cents to 59.42 dollars a barrel.

On the New York Mercantile Exchange, heating oil futures fell 1.04 cent to 1.8435 dollars per gallon, while gasoline futures climbed 3.16 cents to 1.6242 dollars per gallon.

The recovery of storm-battered refineries in the Gulf of Mexico continues. According to a US Minerals Management Service report Thursday, 68 percent of daily oil production and 56 percent of daily gas production in the Gulf of Mexico remained shut-in. Concern is growing among traders that damage caused by hurricanes Katrina and Rita will hurt already aging US refineries' efforts togear up for the winter.

Worries about cold weather hitting the US northeast saw New York crude futures surge 2.12 dollars on Tuesday to close at 62.44 dollars. Analysts warn an unexpectedly cold winter could drive up prices. Enditem

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