Crude rises on heating oil futures

Crude oil prices rose again on Tuesday, with the increases due primarily to a significant rise in heating oil prices, which also indicate diesel and jet fuel prices.

Heating oil for August delivery on the New York Mercantile Exchange was up by 4.59 cents to a record high of $1.7570 per gallon as worries concerning fourth-quarter shortages persist even though stockpiles currently stand at a 6-year high.

Investors, however, question whether refiners will be able to build diesel and heating oil stockpiles to high enough levels to satisfy peak demand in the fourth quarter.

Nymex West Texas Intermediate August contract crude oil gained $1 to $59.75 per barrel, while August Brent contracts on the International Petroleum Exchange were up 53 cents to $58.47 per barrel.

IPE gasoil was up $10 to $554.50 per metric tonne, which is a new high.