Oil

Oil prices rise above $58 per barrel NEW YORK (AP) - Oil prices rose above $58 per barrel Friday led by gains in heating fuel prices, erasing earlier losses in another volatile trading day for crude.Light, sweet crude for March delivery rose 73 cents to $58.72 a barrel in morning trading on the New York Mercantile Exchange. The contract earlier dipped as low as $57.59.Such swings have become the norm recently, as 11 of the past 16 sessions have seen daily moves of more than $1, Cameron Hanover's Peter Beutel wrote in a research report. On Thursday, prices dropped more than $1 before settling down just a penny."If we had been looking for closure, for some type of conclusion yesterday, we did not get it," Beutel wrote. "Yesterday's final move was negligible, and does not help us solve the problem of where this may be headed next."Brent crude rose 71 cents to $58.31 on London's ICE futures exchange.Leading oil prices higher were increases for heating oil and natural gas. Heating oil prices rose 2.17 cents to $1.6488 a gallon, while natural gas added 20.6 cents to $7.498 per 1,000 cubic feet.Phil Flynn of Alaron Trading Corp. said some traders may be skeptical of forecasts for warmer weather for the U.S. Northeast, the world's largest heating oil market.The U.S. National Oceanic and Atmospheric Administration said it expects above-normal temperatures next week to end a spate of freezing weather in the U.S. Northeast, which accounts for 80 percent of the nation's heating oil demand. But the bitter cold of recent weeks hasn't resulted in as sharp a drawdown of heating oil stockpiles as market analysts expected.Traders were also digesting news from the Organization of Petroleum Exporting Countries that said crude output from its 10 quota-bound members fell 112,000 barrels a day in January to 26.759 million barrels a day.The decline was broadly in line with recent industry surveys and left the 10 members overshooting their production target by 459,000 barrels a day.OPEC oil exports in the four weeks ending March 3 are seen falling 160,000 barrels per day from a month ago, according to a report by U.K.-based tanker-tracking consultants Oil Movements.In other Nymex trading, gasoline futures rose 1.39 cents to $1.6111 per gallon.