Oil hits 5-week high, nears $80

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- Oil prices gained for a fourth straight session, climbing to their highest level in more than five weeks as cold weather swept across the country and the dollar weakened.

Crude oil for February delivery rose 72 cents, or nearly 1%, to settle at $78.77 a barrel -- the highest since Nov. 18, when prices settled at $79.58 a barrel.

oil.mkw.gif
Click chart to view other commodity prices.

Cooler-than-normal temperatures have supported rising oil prices, said James Cordier, president of Liberty Trading Group.

He added that temperatures in the Northeast have been about five degrees lower than average and are expected to remain that way for the near term.

Prices were also boosted by a softer dollar, which edged lower against its major rivals. Crude oil, like other commodities, is priced in dollars, and a weaker greenback can help support prices.

Oil prices had retreated for nine consecutive sessions, the longest slide since July 2001, and fell below $70 two weeks ago as rising inventories fueled demand concerns.

Since then, prices have risen more than 12% as government reports have shown crude supplies falling more than twice as much as analysts' predictions two weeks in a row.

Last week, the Energy Information Administration reported a drop of 4.9 million barrels in crude stocks. Analysts were expecting supplies to dip by 2 million barrels, according to a consensus estimate collected by energy information provider Platts.

And as the year ends, Cordier said oil prices could touch $80 a barrel but he expects them to back off to the mid-$70 range soon after.

Gasoline prices. The national average for a gallon of regular unleaded gasoline increased to $2.603, up 0.3 cent from the previous day's price of $2.60, according to motorist group AAA. It was the fourth consecutive increase. To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.