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Crude oil ends up at $59 - ASHARQ AL-AWSAT English Archive
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NEW YORK-Crude oil futures settled up Monday at $59 a barrel, recouping losses of about a dollar on the back of sharp gains in heating oil futures.

Expectations of a drawdown in U.S. commercial crude inventories for the fourth straight week, reflecting supply disruptions from storms in the Gulf of Mexico, also lent support, AP reported.

Benchmark light, sweet crude oil futures for September rose 35 cents to settle at $59 a barrel on the New York Mercantile Exchange.

Nymex heating oil futures for August settled at $1.6066 a gallon, up 2.47 cents, as speculators such as commodity funds assessed them as undervalued compared with crude and gasoline futures. Last week, heating oil was seen as the energy complex”s weakest link.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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