[Goldfisch]

Oil prices rise on expectations of cold weather

Friday, December 02, 2005 11:23:33 AM ET
newratings.com

NEW YORK, December 2 (newratings.com) – Crude oil prices Friday rose on expectations of colder weather in the US, which consumes about a quarter of the world’s oil.

News of a winter storm approaching the US Northeast, a region that account for 80% of the nation’s fuel consumption, and expectations of a resulting increase in the demand for heating fuel drove oil prices higher. Light, sweet crude for January delivery climbed 35¢ to $58.82 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. London's Brent for January delivery rose 49¢ to $56.64 a barrel on the ICE Futures exchange. Heating oil gained 1.5¢ to $1.7540 per gallon and gasoline priced rose to $1.5770. Natural gas climbed 8¢ to $13.111 per 1,000 cubic feet.

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