WTI up ahead of inventories report

Crude oil prices were on the rise again on Tuesday ahead of Wednesday’s weekly US inventories report from the Energy Information Administration and on continuing worries about violence in Nigeria.

A militant group in Nigeria, the Movement for the Emancipation of the Niger Delta, claimed that it is trying to recruit other groups to help it stop the oil industry there and there were reports that militants are collecting weapons in order to mount a major attack on oil facilities.

West Texas Intermediate crude for February delivery was up $1.21 to $96.30 just before the close of floor trade on the New York Mercantile Exchange while Brent crude February contracts added $1.24 to $95.63 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline gained 5 cents to $2.48 per gallon while February heating oil was 4 cents higher to $2.64 per gallon.

Natural gas futures added 9 cents to $7.98 per million British thermal units.