Oil Futures Soar to Limit

From Associated Press

Heating oil and gasoline futures soared the daily limit Monday amid uncertainty over the outcome of the emergency meeting of the Organization of Petroleum Exporting Countries.

Crude oil futures were higher, but more restrained than its products.

Prices opened a little lower on the New York Mercantile Exchange, but advanced on a rumor that Saudia Arabia was willing to enter into an agreement to cut crude oil production.

Analysts said the rumor proved to be either untrue or a piece of misunderstanding, but prices nonetheless remained firm through most of the session.

But in the last half hour, new buying came in from the trade, sending heating oil up by the expanded limit of 3 cents a gallon for most of the contracts. The April delivery, for which there is no limit, settled 3.25 cents higher.

Leaded gasoline was at or near the 2-cent limit for most deliveries.

Crude oil settled 48 cents to 61 cents higher, with the contract for April delivery at $13.20 a barrel; heating oil was 2.95 cents to 3.25 cents higher, with April at 49.45 cents a gallon.

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