Democratic Underground - Oil prices edge higher after briefly surpassing US$99 a barrel on cold weather

Oil prices edge higher after briefly surpassing US$99 a barrel on cold weather [View All]

robertpaulsen

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Mon Nov-26-07 05:58 PM
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Oil prices edge higher after briefly surpassing US$99 a barrel on cold weather

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Source: Associated Press

November 26, 2007 - 10:25

John Wilen, THE ASSOCIATED PRESS

NEW YORK - Oil prices edged up Monday after briefly surpassing $99 a barrel on signs of colder weather in the United States and Europe and worries about weakness of the U.S. dollar.

The Thanksgiving holiday on Thursday marked the unofficial start of winter in the United States. Among other areas, southeastern New Mexico got up to 22.86 centimetres of snow and experienced colder than normal temperatures over the holiday weekend. Snow also fell in Germany over the weekend.

"The onset of cold U.S. weather is going to boost fuel demand," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

Light, sweet crude for January delivery on the New York Mercantile Exchange added 13 cents to $98.31 a barrel in electronic trading by midafternoon in Europe, after reaching a high of $99.11 earlier Monday.

Read more: http://www.macleans.ca/business/wire/article.jsp?content=b112634A

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Oil prices edge higher after briefly surpassing US$99 a barrel on cold weather [View All]