Heating oil prices strengthen in Asian trade

30 November 2009

Heating oil prices rose on the New York Mercantile Exchange this morning (November 30th) despite persistent concerns about the impact of Dubai's debt burden on the global economy.

As the Asian trading session wound down and European markets opened, the January-deliver heating oil contract had registered moderate gains and was trading around $2.03 (€1.34) a gallon, up two cents on its opening price.

Meanwhile, crude oil prices continued to show exposure to concerns about debt defaults in Dubai as early gains were wiped out during the Asian trading session.

Speaking to Reuters, Benson Wang, a senior advisor at Commodity Broking Services Pty Ltd in Sydney, said the downward movement had not come as a result of any major news from the Gulf but was rather the sign of the market's jitteriness.

"There are [...] some concerns that this episode could start a domino effect and other countries could also face problems with financing," he commented.

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