Crude oil prices surged to a new high yesterday on supply concerns ahead of the coming winter, a possible petroleum-industry strike in Norway and data showing that China's big demand for oil is likely to increase.
The price of crude futures for December hit a high of US$55.58 yesterday afternoon in Asian hours electronic trade on the New York Mercantile Exchange, up US$0.41 from its record close Friday when the US Energy Department reported a fifth straight fall in heating oil stocks.
It was also an intra-day record.
November heating oil hit new record high of US$1.6030 per gallon (3.8 liters) on Friday. It was US$1.5990 mid-afternoon yesterday in Asia.
New on the watchlist of supply worries was an announcement by the Norwegian Shipowners Association of a lockout affecting workers on nearly 100 offshore service vessels and shuttle tankers on the Norwegian continental shelf.
The strike is set to take effect Nov. 8, and threatens to shut down the production of oil and gas in the world's third-largest supplier within a week, Dow Jones Newswires reported yesterday.
Norway produces at least 3 million barrels of crude daily and is a crucial supplier of natural gas and distillate fuel.
Fears of a cold Northern Hemisphere winter have further stoked the price of crude and heating oil, with dwindling stocks also being reported in Western Europe and Japan.
Demand for jet fuel -- kerosene and additives -- also typically rises during the Christmas season because of extra flights for the holiday, which adds even more pressure.
Analysts and traders said they also were on the lookout for increasing demand from China, which on Friday released its third-quarter economic growth figures showing GDP climbing a blazing 9.1 percent on year and 9.5 percent for the first three quarters of the year.
"China, that's the bullish factor but immediately there is concern over the lockout in Norway adding to the Chinese [economic] reports. There doesn't seem to be any end to price rises," said Esa Ramasamy, oil editorial manager for energy reporting agency Platts.
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