Crude prices rise on cold weather

08:23, December 21, 2010      

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Crude prices rose on Monday to near 89 U.S. dollars a barrel as cold weather in the United States and Europe raised the expectation on fuel demand.

Europe and U.S. northeast suffered a lot from freezing weather. And cold fronts were set to continue and expected to hit central and eastern Asia. Expectations on more fuel demand boosted oil prices.

A shut pipeline in Nigeria amid more activity by militants, and tensions on the Korean Peninsula also helped support oil.

On Monday, the dollar index strengthened and the euro fell as Moody's Investors Service said it may cut the ratings of some Spanish banks.

Light, sweet crude for January delivery rose 79 cents to 88.81 dollars a barrel on the New York Mercantile Exchange.

Brent North Sea crude for delivery in February climbed 1.07 cents to 92.74 dollars a barrel in London trade.

Source: Xinhua
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