Tuesday, December 29, 2009

Oil Hits Five Week High, Nears $80

Oil prices gained for a fourth straight session, climbing to their highest level in more than five weeks as cold weather swept across the country and the dollar weakened. Crude oil for February delivery rose 72 cents, or nearly 1%, to settle at $78.77 a barrel, the highest since Nov. 18, when prices settled at $79.58 a barrel.

Cooler than normal temperatures have supported rising oil prices, said James Cordier, president of Liberty Trading Group. He added that temperatures in the Northeast have been about five degrees lower than average and are expected to remain that way for the near term.

Prices were also boosted by a softer dollar, which edged lower against its major rivals. Crude oil, like other commodities, is priced in dollars, and a weaker greenback can help support prices.....Read the entire post.

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