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Oil rose 1.8 per cent to above US$95 a barrel at the weekend as the dollar slipped and cold weather headed toward the giant US Northeast heating oil market.
Short covering ahead of the expiration of December US crude futures also helped push prices higher, with oil settling up US$1.67 at US$95.10 a barrel. London Brent crude for January rose US$1.39 to US$91.62 a barrel. Oil has slipped from an all-time high of US$98.62 a barrel struck earlier this month on the back of supply concerns, the falling dollar and rising speculator investment.
The dollar broadly fell on reports showing the biggest drop in US industrial production since January and poor foreign investment in US assets.
- Reuters
