MARKET WATCH: Oil prices up, but remain below $100/bbl benchmark

Oil futures prices made some gains Oct. 25 on the New York market, but still remained below $100/bbl. Prices for the commodity fell below that benchmark level on Oct. 21 for the first time since July 1 (OGJ Online, Oct. 22, 2013).

The New York Mercantile Exchange December crude contract rose 74¢ on Oct. 25, settling at $97.85/bbl. The January 2014 contract gained 71¢ to $97.95/bbl.

Heating oil for December delivery edged up a penny to a rounded $2.91/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for November delivery remained virtually unchanged at a rounded $2.59/gal.

The November natural gas contract climbed 7.8¢ to $3.707/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La., was $3.67/MMbtu, off 5.4¢.

In London, the December ICE contract for Brent crude oil lost 6¢ to settle at $106.93/bbl while the January 2014 contract edged up 2¢ to $106.59/bbl. The November contract for ICE gas oil fell $1.75 to $909.75/tonne.

The Organization of Petroleum Exporting Countries basket of 12 benchmark crudes was down 60¢ to $104.97/bbl on Oct. 25.

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