NEW YORK -- Early losses in the New York crude market were thrown into reverse Wednesday over fresh concerns about violence in Iraq and turmoil in Nigeria.
December NYMEX crude settled more than $1 higher at the end of a rally that coincided with the re-election of U.S. President George Bush.
It did not appear a second Bush term had much to do with the price run-up. Instead, attacks on Iraqi pipelines and increased chances of a disruptive oilworker strike in Nigeria fueled the rally.
In addition, weekly supply reports showed while U.S. crude inventories were up 6.3 million barrels and refineries were processing more oil, supplies of gasoline and heating oil remained flat.
December crude settled $1.26 higher at $50.88 per barrel after falling below $49 earlier in the day. /font>
December heating oil climbed 2.06 cents to $1.413 per gallon while gasoline added 3.03 cents and settled at $1.318 per gallon.
