Oil prices gained Monday morning as expectations of cold weather in the U.S. and Europe raised demand.

U.S. crude for January delivery rose 15 cents to $88.20 a barrel at 7:48 GMT, Reuters reported. ICE Brent for February rose 13 cents to $91.80.

"Prices are going back up because of the really bad weather in the United States and Europe," said Tony Nunan, a risk manager with Mitsubishi Corp.

Cold weather has engulfed much of Europe, disrupting travel across the continent. The U.S. Northeast, the world's top heating oil market, is expected to be unusually cold between Dec. 24 and Dec. 28.

U.S. heating oil futures advanced 0.13 cents to $2.4750 a gallon, while gasoline rose 1.11 cents to $2.3290 a gallon.

" Expectations of strong holiday driving demand and colder weather predictions lifted gasoline futures, which also buoyed the crude market," said ANZ Commodity Research in its daily market report.


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donnareed4

Sure they have to blame the weather , the dollar is unchanged, no hurricanes, no oil spills, but I believe they should blame the Republicans. When the Democrats were in office , 2 years the oil prices went down. Then in Novemeber guess what oil prices have continued to go up up up up up. Hey remember guys next election things can change again. I am tired of worrying myself silly , you all should be ashamed of yourselves. During a time when things should be happy and glad, you put a big fat damper on things!!!!! I heard some people the other day say costs to much to go out and buy presents. Shame on you guys!!!!!

December 22 2010 at 2:36 PM Report abuse rate up rate down Reply
donnareed4

BOYCOTT BOYCOTT BOYCOTT Stay home this holiday season.

December 21 2010 at 11:53 AM Report abuse +1 rate up rate down Reply
donnareed4

What another crock of bull from the speculators and greedy investors. Too cold,, too hot,,too much demand,, too many driving, too many cars on the road.. someone in Washingtom farted,their excuses will go on long as they can find the letters to type them. Here in Indiana gas prices go up and down whenever they want. We are $3 we are 2.78..we are 2.99 it is such a crock. What moron thinks that people will spend more when the gas in their to drive to the store is more than it was 3 months ago? Really? I ask you if it takes $50 to fill up your car where is that coming from? Of course that gift you were going to buy now you can't. Oh wait, and once again the idiot credit cards fools will once again charge their heads off....then file bankruptcy and you and I will pay for it. We bought less than we planned and so I just boxed everything seperate , hope we can match all the socks up.hahahahahha and no I am not kidding!! The tips to mail carriers and such were cut in half. They wanna blame someone blame the oil companies. Charities got less also. we have to feed our family first. Blame the oil speculators not us. We give what we can but our bills have to paid first. I pray for those who have so little at this special time of the year cause once again the oil companies need their gold toliets to sit on. Remember stay home more watch a movie , have a game night, and watch gas prices , mornings are usually cheaper!!!!!! Have a blessed Christmas and a Joyous New Year!!! God help us all!!!!!!!!

December 20 2010 at 3:41 PM Report abuse +2 rate up rate down Reply
wurkinman1

geeee....would you expect them to drop ?????????????????????????? Its a perfectly planned SCHEME....

December 20 2010 at 12:02 PM Report abuse +3 rate up rate down Reply
procompdynamics

Global warming?? Yeah right,pocket warming for big oil.

December 20 2010 at 10:59 AM Report abuse +4 rate up rate down Reply
wahoofishing2

This isn't new ! It's an Oil Company Family Tradition every winter.

December 20 2010 at 10:25 AM Report abuse +3 rate up rate down Reply
shm3418

Like it needs to blame nature....the traitors have been raising before the first snow! :) Merry Christmas from Wallstreet & NYMEX!

December 20 2010 at 9:01 AM Report abuse +2 rate up rate down Reply