Severe winter grips US, oil and gas prices rise on confidence over EU plan to assist Greece

12-Feb-10

Crude oil and natural gas prices rose yesterday as severe winter gripped most of USA. Crude oil futures on the Nymex rose past US$75, while ICE inched above US$73. Crude oil also gained as investors found confidence with the European Union's plan to assist Greek with its national debt. The International Energy Agency has also raised its forecast for 2010 global oil demand growth by 120,000 bpd to 1.6 mln bpd with worldwide consumption expected to average 86.5 mln bpd this year.