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Commodity Daily News
Harsh Winter Drives Heating Prices Higher, Crude at $91.40
Wednesday, 29 Dec 2010
The short-term weakness to the US dollar against its primary rival, the euro, helped drive commodity prices higher. A boost to heating demand added to the bullish run in crude oil yesterday, with prices reaching above $91.40, just below a 26-month high.
The sudden blanket of snow which covered the American northeast over the last few days has pushed heating oil demand beyond expected levels for short-term investment. Traders took this as a sign to buy into oil futures and drive prices higher.
