41.   Prices did not rise higher because traders are convinced that oil inventories are plentiful and the loss of Iraq oil is less important than it once was.

42.   Prices surged because of lean oil inventories and robust demand.

43.   Price gains could be limited though, some traders said, because of large increases in heating oil inventories during the summer as oil companies prepared for increased demand.

44.   So far, strong demand has kept oil inventories surprisingly tight, offsetting the benefit of that extra production.

45.   Speculation that a weekly report today from the API would show heating oil inventories posted an unseasonably small rise or possibly a decline also boosted prices, traders said.

46.   Speculation that there could be an attack outweighed signs that U.S. oil inventories are rising.

47.   Still, most oil traders said the Venezuelan strike threat was overshadowed today by the unexpected gains in U.S. oil inventories.

48.   Some traders cited ample heating oil inventories and lackluster cold-weather heating demand as reasons for lower prices.

49.   That could reduce further U.S. gas and heating oil inventories, both of which are smaller than last year.

50.   The American Petroleum Institute will release its weekly report on U.S. oil inventories, imports, production and demand later today.