Cold weather in US steady China growth lift crude oil to US102

Cold weather in US, steady China growth lift crude oil to US$102 a barrel AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email A man waits at a bus stop on Randall Road near Batavia, Ill., Monday, Feb. 17, 2014. The National Weather Service on Monday forecast up to 8 inches of snow for areas of northern Illinois and 5 inches in central Illinois. (AP Photo/Daily Herald, John Starks) by The Associated Press Posted Feb 18, 2014 2:37 pm MDT The price of oil closed above US$102 a barrel Tuesday on expectations that cold weather in the United States and steady Chinese growth will underpin demand.Benchmark West Texas Intermediate crude for March delivery closed up $2.13 at US$102.43 a barrel on the New York Mercantile Exchange.Severe cold weather has been boosting energy prices, with a prolonged wave of snow and cold temperatures hitting the East Coast most of the winter.“Another snowstorm in the U.S. is likely to keep heating demand at a high level and spark a further decline in the already severely diminished stocks of heating oil and natural gas,” said analysts at Commerzbank in Frankfurt in a note to clients.Optimism that China’s economy is still healthy after credit growth increased in January also helped lift energy prices.Meanwhile, a new round of talks began Tuesday between Iran and six world powers on finalizing a deal to control Iran’s nuclear program. The outcome could have an effect on oil prices as Iran is a major oil producer and reduction of sanctions would allow the country to export more of its crude.A weaker dollar also supported oil prices by making commodities like oil cheaper for traders using other currencies. On Tuesday, the euro was up 0.3 per cent at US$1.3747.Brent crude, a benchmark for international oils, rose $1.28 to US$110.46 barrel on the ICE Futures exchange in London.Among other March futures contracts trading on Nymex, wholesale gasoline rose three cents to US$3 a U.S. gallon (3.79 litres), heating oil added three cents to US$3.04 a gallon and natural gas gained 34 cents to US$5.55 per 1,000 cubic feet.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE) read more

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