Oil prices have risen to near US$99 a barrel as weather gets colder in the United States and Europe, and the US dollar continues to weaker. The onset of the Northern Hemisphere winter will boost fuel demand and continue to exert pressure on oil prices. Light, sweet crude for January delivery rose to US$98.76 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore
The Thanksgiving holiday marks the unofficial start of winter in the United States. Germany also had snowfall. The dollar hit a new low against the euro on Friday as speculation continued that the American credit crisis will lead to another cut in US interest rates.