Oil Burns Higher

The October West Texas crude contract was gaining $4.09 at $101.25 a barrel.
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Crude prices are soaring ahead of Thursday's daytime session at the New York Mercantile Exchange, prompted by investors seeking a safe haven from the tumult and disarray of the broader debt and equity markets around the globe.

The October West Texas crude contract was gaining $4.09 at $101.25 a barrel, and Brent was rising $3.59 at $98.43 a barrel.

Reformulated gasoline was advancing 6 cents at $2.52 a gallon, heating oil was 7 cents higher at $2.90 a gallon, and natural gas was up 35 cents at $8.26 per million British thermal units.

The Energy Information Administration will release its estimates for the proceeding week's natural gas inventory levels at 10:35 a.m. EDT.

In recent premarket trading, the

U.S. Oil Fund

(USO) - Get Report

, an exchange-traded fund that closely tracks the performance of WTI futures contracts on the Nymex, was gaining 2.9% at $79.77.