Analysts surveyed by Bloomberg forecast that an Energy Department report will show that U.S. supplies of distillate fuels, such as heating oil and diesel, fell last week. Crude inventories last week probably were 5 percent below year-ago levels, a Bloomberg survey showed.
Crude oil for November delivery was up 22 cents, or 0.4 percent, at $53.86 a barrel at 10:01 a.m. on the New York Mercantile Exchange. Prices reached $54.45 on Oct. 12, the highest since futures began trading in 1983. Oil futures were up 69 percent from a year earlier. Prices have risen in 18 of the last 21 sessions.
In London, the November Brent crude-oil futures contract was up 13 cents, or 0.3 percent, at $50.18 a barrel on the International Petroleum Exchange. Brent futures reached $51.50 on Oct. 12, the highest price since the contract began trading in 1988. The November contract expires today, the more active December contract was up 20 cents, or 0.4 percent, at $49.48.
Oil prices have fluctuated by almost $3 a barrel in the past two days after concern that rising energy costs will slow the global economy and oil demand growth halted a rally that drove prices to six straight records. The European Central Bank said today high prices could "dampen the strength'' of economic recovery.
Distillate supplies probably fell 1 million barrels in the week ended Oct. 8 from 123.4 million barrels, according to the median of forecasts by 14 analysts before the report. All of the analysts expected a decline. Inventories in last week's report were 6.2 percent lower than a year earlier.
Heating oil for November delivery was up 0.44 cent, or 0.3 percent, at $1.5035 a gallon in New York. Prices reached $1.5098, the highest since the fuel began trading in 1978. Gasoline for November delivery was up 0.37 cents, or 0.3 percent, at $1.412 a gallon in New York.
