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Bloomberg reports that Oil traded at the highest price in two weeks on speculation cold weather in Europe will increase fuel demand.
Bloomberg reports that Oil traded at the highest price in two weeks on speculation cold weather in Europe will increase fuel demand.
The market news is quoted as saying:
Futures rose as much as 1.5 percent as traders bet subfreezing temperatures and forecasts of snow throughout Europe will boost consumption of motor and heating fuel. Oil trimmed gains as the euro declined after European governments and the International Monetary Fund extended an aid package to Ireland.