|
SINGAPORE (AP) - Crude oil futures opened the week slightly higher, briefly rising above $58 a barrel, on predictions a cold snap was headed for the northeastern United States, the world's biggest winter heating fuel market.
Light, sweet crude for December delivery rose as much as 57 cents to $58.10 a barrel in electronic trading on the New York Mercantile Exchange, before slipping to $57.94. The contract fell to $56.93 a barrel last week before closing at $57.53 Friday.
Friday's close was the benchmark contract's lowest close in four months. The tumultuous oil market has been roiled in recent months from outages caused by Hurricanes Katrina and Rita and speculation there wouldn't be enough supply to counter winter demand.
|