Temperatures in the US Northeast, the world's largest heating oil market, will stay much below normal through the weekend and snow is expected. Oil prices spiked again by almost one dollar, as temperatures lowered in USA - a harsh US cold snap is expected to keep up demand for heating fuels. China also reported record crude imports of 12.1 million tons in December, sending total 2004 imports to 122.7m tons, a rise of almost 35% from last year. US light crude climbed to US$48.70 a barrel, and London Brent crude was up at $45.80.
Crude prices have risen 9% since the start of the year, with nine days to go until the Iraqi elections, which dealers fear could spur further attacks on the country's oil infrastructure. Sabotage on Iraq's northern pipeline was expected to keep oil exports through Turkey at a standstill for another 2-3 weeks.
22-Jan-05 
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