Oil Jumps More Than $2 on Winter Worries

[donsu]

http://story.news.yahoo.com/news?tmpl=story&ncid=749&e=1&u=/nm/20041119/bs_nm/markets_oil_dc


Oil prices climbed more than $2 higher on Friday on renewed concern over supplies of distillate fuels in all main consuming centers before the Northern Hemisphere winter.

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Dealers are concerned about heating oil inventories, which are significantly below last year's levels in the top markets of the United States, Germany and Japan. U.S. supplies are 16 percent less than year-ago figures.

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"It's because we've had such an explosive rise in heating oil prices -- I don't think we've ever seen such a dramatic increase in the spread between heating oil and crude," said Kevin Norrish of Barclays Capital.

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hope people can stay warm up north this winter