Oil trades near $82

05 January 2010

Crude oil traded near a 14-month high today, Bloomberg has reported. Crude oil for February delivery was at $81.57 a barrel, up 6 cents, in electronic trading on the New York Mercantile Exchange at 1:13 p.m. Singapore time. Yesterday, the contract rose 2.7% to $81.51 a barrel, the highest settlement since Oct. 9, 2008. Freezing weather in the US, the largest energy consumer, and improving global economies are being cited as reasons for rising oil prices.

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