Oil Price Above $100 On US Heating Fuel Demand

The price of oil extended gains above $100 a barrel Monday as the cold weather in the United States increased demand for heating fuels and solid Chinese credit numbers eased concerns over the world’s number 2 economy.

By early afternoon in Europe, benchmark U.S. crude for March delivery was up 49 cents to $100.79 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract fell 5 cents to close at $100.30.

Read more: http://www.pottsmerc.com/general-news/20140217/oil-price-above-100-on-us-heating-fuel-demand

Enhanced by Zemanta