Oil prices rose on Monday, recovering amid forecasts that cold weather in the US...
Oil prices rose on Monday, recovering amid forecasts that cold weather in the US Northeast will need higher fuel demand and sabotage in Iraq once again disrupted the country's exports.
US light crude climbed 19 cents at $40.90 a barrel, after earlier falling to $40.2 on the NYMEX. London's Brent crude futures settled up 37 cents at $37.75 a barrel on the IPE.
Temperatures in the US Northeast, the world's largest heating oil market, were expected to be below normal for the next five days, ending a streak of mild weather that had helped fuel producers increase winter stockpiles.
US heating oil prices were up 2.73 cents to $1.2530 a gallon on the forecasts.
The sabotage in Iraq sabotage stopped the flow of oil through the country's northern export pipeline to the Turkish terminal of Ceyhan on Sunday.
