OPEC Strategy Is Beginning To Be Noticed By Consumers
Oil prices have begun surging again in last two weeks, with OPEC vowing to continue restraints on production; price of crude oil is now $29.20 a barrel and is expected to reach $30 or more; gasoline prices are at 77.33 cents a gallon in futures market and heading to over $1.30 at the pump; near-term home heating oil futures contract is up to 86.46 cents a gallon, after climbing 8.6 percent on Jan 20; price jumps are spilling over into financial markets; concerns about oil's impact on inflation have sent bond prices lower and yields higher; if OPEC does not relent, relatively low levels of oil inventories and strong demand mean that prices will move higher; Energy Information Administration and American Petroleum Institute say total US inventories of crude oil are at their lowest level since end of 1996; demand in December was 19.8 million barrels a day, highest for month since 1978; International Energy Agency forecasts that worldwide demand will rise 2.4 percent this year, biggest gain since 1997; many analysts do not expect OPEC officials to risk pushing price of oil too far above $30 a barrel; graph; chart; photo (M)