Newspaper article THE JOURNAL RECORD

Crude Futures Rise; Mexico Exports Cut

Newspaper article THE JOURNAL RECORD

Crude Futures Rise; Mexico Exports Cut

Article excerpt

NEW YORK - Oil futures rose Wednesday, led by a sharp increase in heating oil prices.

In related news, Mexico plans to cut oil exports about 5 percent and raise some crude prices by 10 cents a barrel starting March 1 in an effort to help strengthen world oil prices, government sources said Wednesday.

The disclosures followed Tuesday's meeting in London of independent producing countries, including Mexico, who have pledged to support efforts of the Organization of Petroleum Exporting Countries to reduce production and raise prices.

On the New York Mercantile Exchange, the March contract for domestic heating oil jumped 1.23 cents to close the day at 50.15 cents a gallon. Other contract months also recorded strong gains.

Crude oil for April delivery closed 21 cents higher at $17.84 a barrel, while other contract months rose between 24 cents and 29 cents. The crude contract for March closed at $18.59 a barrel on Tuesday, the last day of trading on the contract.

Unleaded gasoline also advanced, with the March contract up 0.72 cent at 49.07 cents a gallon and other contracts between 0.35 cent and 1.18 cents higher.

Analysts said heating oil futures got a lift from American Petroleum Institute weekly inventory statistics released after the close of trading on Tuesday. …

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