MARKET WATCH
Crude oil futures prices continue to climb ahead of US holiday

By OGJ editors
HOUSTON, Jan. 17 -- Crude oil futures prices continued to climb Jan. 14 ahead of Monday's US holiday commemorating civil rights leader Martin Luther King. The New York Mercantile Exchange will reopen for trading Jan. 18.

The February contract for benchmark US light, sweet crudes closed Jan. 14 up by 34¢ to $48.38/bbl on NYMEX, while the March contract also gained 34¢ to $48.53/bbl.

Heating oil for February delivery rose 0.98¢ to $1.3509/gal on NYMEX. Gasoline for the same month was up by 2.15¢ to $1.2761/gal.

The February natural gas contract lost 5¢ to $6.395/MMbtu Jan. 14 on NYMEX.

The average price for OPEC's basket of seven crudes advanced by 77¢ to $41.80/bbl Jan. 14.

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