Oil Futures Rise on Signs of Cold Winter
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Crude oil futures moved upward Wednesday, as the northeastern United States _ a heavy consumer of heating oil _ felt the first signs of what could likely be a colder-than-expected winter.
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Crude oil futures are headed for their biggest weekly gain in 21 months on speculation cold weather may boost demand in the US Northeast, where 80 percent of the country&#39;s heating oil is used.
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Oil prices edged higher on Tuesday  following Monday's fall of nearly $3 made on rising U.S.  stockpiles and warmer-than-expected winter weather.
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Oil bounced back above $59 a barrel on Tuesday as the coldest weather of the U.S. winter was expected to draw down heating oil stocks.
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The U.S. winter will be longer and slightly colder than the last, private forecasters say, spelling a spike in heating oil and natural gas demand even as high oil prices drive up the cost of heating.
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Oil prices climbed to a seven-week high  above $49 a barrel on Tuesday as a cold front swept into the  U.S. Northeast, stoking winter fuel demand.
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Oil prices climbed near $60 a barrel on Tuesday after bad weather disrupted loadings at Alaska's main export terminal and analysts forecast a drawdown in U.S. fuel stocks ahead of winter.
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Oil prices climbed back above $59 a barrel on Wednesday ahead of an expected sharp fall in U.S. heating oil stocks as a blast of cold weather boosted demand in the world's top consumer.
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Crude oil futures rose for a second day amid speculation demand for heating oil may gain in the US after weather forecasters said unseasonably warm weather predicted this week will end in early January.
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LONDON  - Oil prices pushed higher, extending sharp gains seen late last week as cold weather forecasts for the United States and Europe rattled markets nervous about tight winter supplies.
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Crude oil futures prices rose Wednesday because of lingering concerns about heating oil supplies and fears that OPEC could rein in output when it meets later this week.
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Oil prices have climbed in London in thin trading, as analysts gauge the impact on key markets of a possible dearth of US heating oil stockpiles during the northern winter.
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Crude futures prices rose Monday on concerns about tight heating oil supplies ahead of winter, strong oil demand in China and fears about a planned petroleum-industry lockout in Norway.
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Oil prices rose on Monday as a gas leak  closed a large Norwegian North Sea oilfield and the threat of a  colder-than-normal U.S. winter fueled worries about low heating  oil stocks.
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Oil prices firmed on Friday, cementing  this week's gains spurred by worries a U.S. cold spell could  erode already low winter fuel inventories.
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Oil futures prices rose in Europe on Friday amid concerns about heating oil supplies at the beginning of the Northern Hemisphere winter.
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Oil prices edged higher for the second day on Wednesday ahead of US government data expected to show a slight decline in winter heating fuel stocks.