NEW YORK -- Crude prices settled more than $2 per barrel higher Friday on the London and New York oil exchanges.
Continuing concerns about low heating oil inventories worldwide appeared to be driving the markets higher as traders remained concerned that cold weather in Europe would choke off exports to the United States.
December NYMEXC crude rose $2.22 per barrel to $48.44 per barrel on the final day of the contract's trading on the New York Mercantile Exchange. January rose $2.51 to $48.89 per barrel. London crude settled $2.17 higher at $44.89 per barrel.
NYMEX heating oil settled 5.26 cents higher at $1.482 per gallon. Gasoline jumped 7.26 cents to $1.311 per gallon amid reports of a mechanical problem at a refinery in Venezuela that is a major provider of fuel to the export market.
