Commodities : Oil Futures Prices Advance

Crude oil futures prices advanced for the fourth consecutive session Wednesday, approaching $20 a barrel on the New York Mercantile Exchange.

On other markets, soybeans and grains moved higher, precious metals were lower and livestock were mixed.

The July crude oil delivery reached $19.90 a barrel before giving up a few cents near the close. The contract has gained 60 cents since the end of last week.

Analysts said oil advanced mostly on technical factors, although weekly supply data released late Tuesday by the American Petroleum Institute appeared to play some part, said Richard Kane, an energy specialist with Merrill Lynch Commodities in New York.

API statistics showed heating oil stocks increasing while refineries were operating at 84% of capacity, up from 81.2% the previous week.

“This prompted crack spreads, where they buy crude oil and sell the products,” said Kane.

A late purchase of 3,000 lots of crude oil futures by a managed fund account brought the nearby contracts near the session highs.