Oil prices jumped by more than $2 a barrel to cross US$63.
Though cold rain and snow fell in parts of the Northeast, the main driver for this rally could be speculative buying. Other factors affecting the market are a declaration from a top Iranian official that Tehran will resume research into nuclear fuel production and a natural gas dispute between Russia and Ukraine that has unnerved Europe. About one-quarter of Europe's gas comes from Russia, and the standoff raised fears of serious gas shortages as Europe suffers through a particularly cold winter. OPEC members seem to be interested in a production cut, perhaps as early as the first quarter.
04-Jan-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}