LONDON: Oil rose above $90 a barrel for the first time in 26 months on Tuesday as the dollar fell and the freeze in Europe and the United States stoked fuel demand.
Temperatures in Europe’s main heating hub of the northwest were expected to stay below seasonal norms over the next 10 days, according to private forecaster DTN Meteorlogix, boosting gas oil demand and prompting utilities to switch on oil-fired power plants.
Heating demand in the United States was expected to be 16.3 percent above normal in the week to December 11, according to the US National Weather Service.
