Energy futures prices rose sharply on international markets Friday.
The February contract for benchmark US light, sweet crudes surged by $1.74 to $32.19/bbl on the New York Mercantile Exchange, while the March contract was up $1.52 to $30.19/bbl. In after-hours electronic trading early Monday, the February contract dipped to $32.18/bbl, while the March contract inched up to $30.25/bbl.
Home heating oil for February delivery also showed a strong increase of 3.78� to 87.93�/gal, while unleaded gasoline for the same month was up 2.32� to 88.12�/gal.
The February contract for natural gas was up 32.3� to $7.459/Mcf.
In London, the March contract for North Sea Brent crude was up 83� to $25.62/bbl, while the same crude for April delivery gained 70� to $25.07/bbl on the International Petroleum Exchange. But the February natural gas contract dipped 3� to $4/Mcf on the IPE.
On the Singapore Exchange, the March contract for Brent crude rose to $27.04/bbl, up $1.42 from Friday's close. The April contract rose $1.17 to $26.24/bbl.
The average price for the Organization of Petroleum Exporting Countries� basket of seven crudes rose $1.09 to $25.02/bbl on Friday.
OPEC officials reported that basket price averaged $24.25/bbl over all of last week, up from $23.47/bbl the previous week.
So far this year, OPEC�s basket price has averaged $23.41/bbl, compared with an average $27.60/bbl for all of 2000 and $17.47/bbl in 1999.
