MARKET WATCH: Oil prices continue upward climb

The October contract for benchmark US light, sweet crudes on the New York Mercantile Exchange rose $2.16 on Sept. 6, settling at $110.53/bbl. The November crude contract increased $1.85 to $109.52/bbl.

Heating oil for October delivery was up 2.4¢ to settle at $3.16/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for October improved 1.8¢ to a rounded $2.85/gal.

The October natural gas contract fell 4.5¢ to close at $3.53/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La. was $3.55/MMbtu, a 14.1¢ decrease from Sept. 5.

In London, the October IPE contract for North Sea Brent crude climbed 86¢ to $116.12/bbl. The September contract for gas oil settled at $971/tonne, up $7.25 from the previous session.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was up 63¢, closing at $112.10/bbl on Sept. 6.

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