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09 Feb 2007 Oil prices rise as chill sets in
Crude oil has experienced strong growth following cold and snowy weather, with US fuel topping $60 (£30.77) per barrel.
For the first time in more than a month, US crude has risen to over $60, settling at $60.42 after a 1.2 per cent increase. London Brent Crude added 30 cents, rising to $59.33 a barrel.
"The weather has been a key factor this month," Dariusz Kowalczyk, chief investment strategist with CFC Seymour, told Bloomberg.
Following strong snowfalls, the Met Office yesterday claimed that weather conditions were slowly improving; however it warned of the possibility that further freezing weather could hit the UK in the near future.
"Through the weekend and early next week, there is a risk that weather systems could bring more wintry conditions with snow and ice to some parts," forecasters predicted.
Such conditions may impact upon oil prices, causing an increase in demand. Domestic heating oil customers should ensure that they have plenty of fuel stocks to keep them warm during the cold snap.
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