Tuesday, February 26, 2008

Oil falls after rising in the previous session

Oil prices fell Tuesday after rising in the previous session in a rally led by oil product futures.
Cold weather across the U.S. Midwest and Northeast have helped push heating oil prices to fresh records, exerting an upward pull on crude markets.
The surging demand is expected to result in a decline in distillate stocks, which include heating oil and diesel, in a closely watched weekly U.S. petroleum supply snapshot to be released Wednesday.
The report by the U.S. Energy Department's Energy Information Administration is tipped to say that stocks of distillate fell 2 million barrels for the week ended Feb. 22, according to a Dow Jones Newswires poll of analysts' estimates.
The EIA report is also expected to show that crude oil stocks rose last week by 2.6 million barrels, which would be the seventh straight week of gains. Gasoline inventories are tipped to rise by 300,000 barrels.

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