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Wholesale heating oil prices continued to move higher on the New York Mercantile Exchange (Nymex) this morning (December 1st), supported by stronger stocks in Asia and Europe.
The gains came after heavy losses witnessed in the wake of last week's announcement that Dubai World is seeking to delay payments of its foreign debts.
However, with the collateral impact of the company's debt woes appearing to be limited, stocks rose sharply yesterday and have continued to climb in Asia and Europe this morning.
By 02.46 Central Time on the Nymex, January-delivery heating oil contracts had climbed above $2.05 (€1.36) a gallon, up 0.6 cents on yesterday's settle price.
Gains were also witnessed in crude futures on the back of the stock market, while strong growth in Chinese manufacturing output also provided support for commodities.
Analysts will now look to data due out later today for signs of recovery in the US. As well as petroleum inventories figures, analysts will also today digest the latest retail sales, manufacturing output and construction spending statistics.
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