{"id":12817,"date":"2010-12-21T08:40:44","date_gmt":"2010-12-21T07:40:44","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12817\/oil-prices-higher-as-cold-weather-stokes-crude-demand\/"},"modified":"2010-12-21T08:40:44","modified_gmt":"2010-12-21T07:40:44","slug":"oil-prices-higher-as-cold-weather-stokes-crude-demand","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12817\/oil-prices-higher-as-cold-weather-stokes-crude-demand\/","title":{"rendered":"Oil prices higher as cold weather stokes crude demand"},"content":{"rendered":"

Oil prices open Tuesday’s trading session higher as colder weather in Europe and an expected hike in oil demand during the Christmas holidays drove markets positive for a second day.<\/p>\n

Latest Oil Prices<\/strong><\/p>\n

In London, Brent crude oil futures for February 2011 delivery was trading at $92.86 a barrel, 07.30 GMT on the ICE Futures Exchange. WTI crude oil futures for February 2011 delivery was at $89.58, 07.30 GMT on the NYMEX.<\/p>\n

“Crude oil prices climbed, lifted by strong gasoline futures ahead of expected holiday demand and also by cold weather, which supported heating oil futures.” Phillip Futures said in a report.<\/p>\n

Oil Demand Driving Prices Higher – OPEC<\/strong><\/p>\n

OPEC has said the current high price of crude oil is being driven by market sentiments.<\/p>\n

OPEC, in its December monthly oil market report, said “The crude oil futures hit a 25-month high amid a weaker US dollar and growing demand. Crude oil futures prices continued to move within the $80 to $90 range for the second month in a row, driven by macroeconomics and bullish market sentiment following signs of a recovery in oil demand.”<\/p>\n

Weekly US Oil Supply Report Pending<\/strong><\/p>\n

The US API (American Petroleum Institute) is scheduled to announce its oil inventory numbers later today while the Energy Department’s EIA reports its weekly supply data Wednesday, both of which may fuel short term oil price gains.<\/p>\n

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