Crude oil fluctuated as heating oil rose to a two-month high on forecasts for cold weather in the U.S. and the dollar strengthened against the euro, reducing the appeal of commodities as an alternative investment. Oil touched a five week high earlier today on the outlook for below normal temperatures for much of the nation next week. Reports signaling that the U.S. economy may be rebounding from the worst recession since World War II bolstered the dollar, pressuring commodities.
“Another arctic blast is supportive,” said Phil Flynn, vice president of research at PFGBest in Chicago. “Still, we’re up a little bit on the dollar, and that’s a reason for people to get out of the upside on crude.” Crude oil for February delivery rose 2 cents to $78.79 a barrel at 12:39 p.m. on the New York Mercantile Exchange. Earlier, it touched $79.39, the highest level since Nov. 23.
Heating demand is expected to be above normal in the Northeast, Southeast and central U.S. for most of the week through Jan. 5, David Salmon, a forecaster at Weather Derivatives in Belton, Missouri, said in a report today.....Read the entire article.
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