Oil rose above $73 a barrel today, supported by the prospect of increased winter demand as a cold snap gripped the US Northeast and by a weaker dollar.
The dollar fell from a more than three-month high today, underpinning oil's gains. A weaker dollar makes commodities like oil cheaper for those holding alternative currencies.
US crude for January delivery rose 62 cents to $73.27 a barrel. London Brent crude was up 37 cents at $73.74.
US natural gas inventories fell for just the second time this winter season, down 207 billion cubic feet, according to the US Energy Information Administration.
The Organization of the Petroleum Exporting Countries (Opec) will not change output targets when it meets in Angola on December 22nd, the group's president said today.
Reuters