Reply #42: Oil futures climb back above $49

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid=%7B8DCFEE94%2D5382%2D438A%2D8106%2D9A3759AACD37%7D&siteid=mktw

SAN FRANCISCO (CBS.MW) -- Crude-oil futures climbed back above $49 a barrel early Tuesday with traders still nervous about the overall picture for worldwide petroleum supplies ahead of the Thanksgiving holiday and this week's U.S. inventory updates.

"The issues facing the oil markets aren't going away anytime soon and it's a long laundry list of worry," said Phil Flynn, a senior analyst at Alaron Trading in Chicago.

"Geopolitical troubles are front and center, and the continuing issues of old fashioned supply and demand are ever present," he said.

At last check, crude for January delivery rose to a high of $49.25 a barrel on the New York Mercantile Exchange. It was last at $49.20, up 56 cents. The contract hasn't closed above $49 in over two weeks.

December heating oil climbed 0.51 cent to trade at $1.45 a gallon, and December unleaded gasoline stood at $1.293 a gallon, up 0.36 cent.

Last week, Venezuela said it supports an Iranian proposal to cut oil output to support prices. OPEC's production quota, which excludes Iraq, is 27 million barrels.

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10:55am 11/23/04 CRUDE FUTURES NEAR $50, TRADE AS HIGH AS $49.95

10:56am 11/23/04 JAN CRUDE LAST UP $1.26 AT $49.90/BRL