Crude prices rebound on possible rising demand for heating oil

Crude oil prices rebounded on Friday as traders predicted a possible rise in demand for heating oil in the United States.

Temperatures in the U.S. Northeast, the world's biggest heating oil market, were expected to stay below normal for at least the next week, according to the latest weather forecast.

New York's main oil futures contract, light sweet crude for delivery in March, rose 1.19 U.S. dollars to close at 55.42 dollars per barrel.

In London, the price of Brent North Sea crude for March delivery jumped 1.17 dollars to settle at 55.29 dollars per barrel.

Crude futures went down below 55 dollars on Thursday as U.S. energy reserves had risen last week.

American stockpiles of distillate products, such as heating oil and diesel fuel, increased 700,000 barrels to 142.6 million in the week ended January 19, according to the Department of Energy.

Source: Xinhua