Crude prices up on dollar, diesel demand hopes

Crude oil prices were higher Wednesday on a weaker dollar and on expectations that demand for diesel fuel will improve as shipments of holiday merchandise to stores increase as Thanksgiving and Christmas approach.

However, new US inventories data due Thursday from the US Energy Information Administration, a day late due to the federal Columbus Day holiday Monday, is expected to show that crude oil supplies in storage were up by more than 2 million barrels last week.

November contracts for West Texas Intermediate crude were 86 cents higher to $75.01 per barrel at less than half an hour before the close of the floor trade session on the New York Mercantile Exchange, while Brent crude had added 51 cents to $72.01 per barrel on the ICE Futures Europe exchange in London.

In afternoon trade, Nymex November gasoline futures were up 2 cents to $1.85 per gallon and November heating oil futures had added nearly 2 cents to $1.94 per gallon but November natural gas was 11 cents lower to $4.48 per million British thermal units.

The retail price of a gallon of gasoline in the United States was up a bit overnight to $2,481 per gallon on average nationally.