Crude Oil Rises Amid Concern Over Declines in U.S. Distillate Inventories

Crude oil futures rose close to records in London and New York on concern the U.S. won’t have enough heating oil for what forecasters say may be a colder-than-normal winter in the northeast.

Heating-oil stockpiles fell 1 percent to 49.5 million barrels in the week ended Oct. 15, leaving supplies 11 percent lower than last year, the Energy Department said Oct. 20. The U.S. is now using 88.2 percent of its refining capacity, down from 92.1 percent a year ago. Prices have already rallied about 70 percent this year on surging world demand, led by China.

Bloomberg