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Markets & Finance

Energy Prices Rise After Blasts at U.K. Refinery

MARKETSCOPE : Energy prices rose on Monday, after a blast at a refinery outside of London spooked investors.

January West Texas Intermediate crude rose $1.91 to $61.30. Also, January heating oil rose 4.07 cents to 177.25 cents, and January natural gas rose 53 cents to $14.84 after cold weather gripped the Northeast U.S.

Markets showed little reaction to the Organization of Petroleum Exporting Countries's decision to maintain production at the organization's highest-ever levels. OPEC is reserving the right to consider cuts in early 2006 should robust demand flag and high prices fall.

Meanwhile investors waited for the weekly news of inventory reports on Wednesday.

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