Oil at 3 week high, tops $52

Oil prices climbed to a three-week high above $52 a barrel on Wednesday led by distillate buying, as heating oil continued to exert an unsea...

Oil prices climbed to a three-week high above $52 a barrel on Wednesday led by distillate buying, as heating oil continued to exert an unseasonably strong pull. US light sweet crude rose 37 cents to $52.34 abarrel, after striking $52.48 — the highest since May 10. London Brent rose 51 cents to $51.24.

Bullish sentiment was also helped by forecasts for a stormy hurricane season that could disrupt US production, although gains were kept in check by a strong dollar, which meant more expensive oil for non-dollar economies.

Distillates led the energy complex higher. Heating oil rose 0.97 per cent in New York to $1.4635 a gallon and gas oil gained 1.54 per cent to $461.50 a tonne in London. “The heating oil season is starting well in advance of when it did in previous years,” said Frederic Lasserre at SG Commodities in Paris.

“The market is preparing to have a much tighter heating oil/gas oil season compared to the gasoline season…There is an expectation that if there is going to be a big rally, it will start in gas oil/heating oil, and traders would like to be positioned to benefit from that.”

— Reuters

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