May 10, 2005 11:30 AM, EDT

Oil Rises For a Fifth Day on Demand Projections

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rude oil prices rose for a fifth straight day on speculation rising demand will outstrip supply later this year, Bloomberg reported.

Benchmark light sweet crude oil futures rose 67 cents from Monday’s closing price to reach $52.70 a barrel in intraday trading on the New York Mercantile Exchange Tuesday, Bloomberg reported.

Oil use is expected to surge in the second half of the year as refiners prepare for winter, Bloomberg said.

In London, North Sea Brent crude oil futures rose 59 cents to $51.88 a barrel, Bloomberg reported.