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Crude oil increases to highest level in two weeks

30-Nov-2010 7:33 AM

Oil prices rose to a two-week high as US consumers spent more over the Thanksgiving weekend than last year, a sign confidence in the economy is strengthening (Bloomberg/Reuters/WallStreetJournal/AAP, 30-Nov-2010). Crude also advanced amid speculation that colder-than-normal weather may boost demand for heating fuel in the US north-east and Europe. Oil for Jan-2010 delivery increased 2.4% to USD85.73/barrel on the New York Mercantile Exchange, the highest settlement since 11-Nov-2010. Brent crude for Jan-2010 settlement rose 2.1% to USD87.41/barrel.