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Wholesale heating oil contracts trading on the New York Mercantile Exchange were little changed at the close of trading yesterday, mimicking flat trade in crude futures.
Both commodities had climbed quickly during the Asian trading session, but these gains were wiped out as the day moved on.
After breaching the $2 (£1.20) mark, the commodity retreated as the day drew on, with the near-term delivery contract settling at $1.9799 a gallon.
Speaking to Bloomberg, John Kilduff, partner at Round Earth Capital, a hedge fund that focuses on food and energy-commodity investments, said crude was trading in line with movements in the dollar.
"We've priced in about as much hopefulness about the economy as possible. Once we get close to $80 [a barrel for crude], the reality of the present situation pulls prices lower," he commented.
Commodities traders will now look ahead to demand figures due out over the next two days, hoping for a strong drawdown in crude inventories.
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