Nymex heating oil hits record high

The price of heating oil hit a new record high in New York on Tuesday as January contracts added 8 cents to $2.70 per gallon on the New York Mercantile Exchange.

Besides supporting gains in crude oil prices, heating oil prices usually reflect the price of other distillates such as kerosene, jet fuel and diesel.

West Texas Intermediate crude for January delivery was $3.31 higher to $97.95 per barrel on Nymex just before the close of floor trade after trading above $98 per barrel earlier in the session, while January contracts for Brent crude gained $2.30 to $94.58 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline added 6 cents to $2.44 per gallon, while January natural gas dropped 32 cents to $7.83 per million British thermal units.