Futures oil prices rose noticeably on March 11, but remained below their recent record price levels registered two sessions earlier, RBC reports. \n \nRecall that on March 9, prices for Brent oil transactions reached a new absolute record of $54.30 per barrel. On the same day, the maximum transaction price for Light Sweet oil was $55.65 per barrel, which was just 2 cents below the absolute record mark of $55.67 per barrel registered on October 25, 2004. \n \nThe results of exchange trading in futures contracts for the nearest delivery month on March 11 were: \n- in London on the International Petroleum Exchange (IPE), the official price of the North Sea Brent oil blend (April) rose by $0.44 (+0.8%) and settled at $53.10 per barrel, with a quotation range during the session of $52.04-53.40 per barrel. \n- in New York on the New York Mercantile Exchange (NYMEX), the official price of Texas WTI/Light Sweet oil (April) rose by $0.89 (+1.7%) and settled at $54.43 per barrel, with a quotation range during the session of $52.50-54.60 per barrel. \n \nThe trading day on March 11 began with a decline in oil futures prices, which was caused by profit-taking and reduced interest in oil purchases by investment funds. The decline in oil quotations persisted throughout the first half of the trading day. However, after the publication in Paris of the International Energy Agency (IEA) report, the slide in quotations slowed and a reversal in the trend that had formed at the start of the day began to take shape. \n \nAnalysts believe that support for the oil market was provided by the IEA forecast that world economic oil consumption in 2005 would be 84.3 million barrels per day and would be higher than previously forecast. \n\nOil futures prices, which strengthened on March 11, contributed to a noticeable increase in prices for petroleum products. Thus, gasoline futures on NYMEX rose by 2.3% that day. Heating oil futures rose by 2.2%, and the official price settled at a six-month record mark of $1.5427 per barrel.