Oil Prices Rise As Investors Eye Weather Forecasts

The market seesawed in a narrow range following weekly inventory reports

MARKETSCOPE : Oil prices rose on Wednesday as investors eyed forecasts of colder weather.

January West Texas Intermediate crude oil rose 82 cents to $57.32, December heating oil edged up 3 cents to 161.00 cents, and December heating oil gained 3.99 cents to 143.50 cents. Colder weather is forecast for the Northeast and Midwest during the next few days.

The market seesawed in a narrow range following inventory reports that showed crude and heating oil stocks fell in the week ended Nov. 25. Distillates rose, as more refineries recovered from summer hurricanes.

January natural gas futures soared 87 cents to $12.61 amid the cold weather forecast. Thursday's report is expected to show stocks fell 35 to 45 billion cubic feet.

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