Reply #3: Oil prices rise at start of new week [View All]

[ozymandius]

VIENNA, Austria - Oil prices rose Monday on expectations of higher demand and
OPEC production cuts.

Light sweet crude was up 12 cents at $59.71 in electronic trading on the New York Mercantile Exchange by midday in Europe. December Brent crude on London's ICE Futures exchange was up 24 cents at $59.95 a barrel.

Oil prices have tumbled from a July high above $78 a barrel, trading in a range of $57-$61 over the past five weeks.

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Still, the IEA also forecast a 2.6 percent jump in fourth-quarter global energy demand, citing high consumption in the United States. The agency noted U.S. consumption was being compared with figures when the impact of Hurricane Katrina and mild weather curbed demand a year ago.

http://news.yahoo.com/s/ap/oil_prices