As temperatures plunge in US, oil prices rise

14-Feb-05
As temperatures hover around freezing levels in the northeast USA, demand for heating oil will rise. In anticipation of a plunge in temperatures in the northeastern United States, world crude oil prices rose, halting a dramatic slide since the start of December. New York's main contract, light sweet crude for delivery in January, was at US$ 41.01 dollars a barrel. Brent North Sea crude rose to US$37.84. The northeast region burns 80% of the United States' total heating oil consumption. A report forecasts the country's eastern and northeastern regions would suffer lower-than-average temperatures for the time of year from the weekend.
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