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Oil jumps $2 on supply concerns

NEW YORK - Oil rose $2 to over $81 a barrel on Tuesday on concerns about consumer-nation supplies ahead of the coming Northern Hemisphere winter, according to Reuters.

European oil product inventories fell in September, industry monitor Euroilstock reported, while the U.S. government said heating demand will be higher this year than last due to forecasts for cooler weather.

The reports helped push U.S. crude futures up $2.04 to $81.06 a barrel by 12:28 p.m. EDT, reversing Monday's big sell-off. London Brent crude gained $1.18 to $77.76.

Posted by Peter C. T. Elsworth  at 2:54 PM to Crude oil market | Permalink

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