Oil rises on dollar gains and colder weather

Reuters
Saturday November 24, 2007

Oil rose on Friday as cold weather hit the giant U.S. Northeast heating oil market and the dollar recovered from fresh lows.

U.S. light crude oil rose 52 cents to $98.81 a barrel at 1728 GMT in thin trading after the Thanksgiving holiday on Thursday, while London Brent crude gained 82 cents to trade at $95.32.

Gains came as the dollar rebounded from fresh lows against the euro earlier Friday after comments from a euro zone policymaker.

The weak dollar had helped lift oil prices to an all-time high of $99.29 a barrel on Wednesday, just shy of the $100 milestone.

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Concerns of a supply shortfall ahead of the Northern Hemisphere winter have also supported prices in their nearly 45 percent rise since mid-August.

U.S. heating oil prices hit a fresh record on Friday as colder weather hit the U.S. Northeast, the world's biggest heating oil market, helping push crude higher.

"Strength in middle distillates, such as heating oil and aviation fuel, as well as gasoline, is showing up today," said Andy Lebow, broker at MF Global in New York.

Oil had fallen earlier on signs of higher OPEC shipments in early December. OPEC oil exports, excluding Angola, will rise by 720,000 barrels per day (bpd) in the four weeks to December 8, according to Roy Mason of tanker tracker Oil Movements.

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