SINGAPORE: The approach of a possible storm in the U.S. Northeast pushed oil prices closer to US$59 a barrel on Wednesday amid expectations for higher heating oil demand.
Light, sweet crude for January delivery on the New York Mercantile Exchange rose 14 cents to US$58.98 a barrel in electronic trading in Singapore. It was the third straight day of gains after prices slid to five-month lows last week. Prices are about 20 percent above year-ago levels.
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