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Oil rises above $99 as cold weather and dollar weigh

Reuters
Monday November 26, 2007

Oil rose above $99 a barrel on Monday, closing in on the $100 milestone, as the dollar edged back towards last week's record lows and despite hopes an OPEC meeting next week could signal an output boost.

Iran's Oil Minister Gholamhossein Nozari said at the weekend that some OPEC members were advocating an increase in production when they meet on December 5 in Abu Dhabi to debate whether to raise output for a second time this year.

U.S. light, sweet crude for January delivery (CLc1: Quote, Profile, Research) stood 82 cents higher at $99.01 by 5:08 a.m. EST, within striking distance of the all-time high of $99.29 from last Wednesday.

London Brent crude (LCOc1: Quote, Profile, Research) was 73 cents higher at $96.49, after hitting a new record high of $96.55 earlier in the session.

The dollar's decline to a series of record lows versus the euro -- the latest on Friday -- has spurred buying across commodities, notably oil.

The dollar edged back towards last week's record troughs versus the euro on Monday as investors saw little reason to change their bearish view on the U.S. economy or expectations of more Federal Reserve interest rate cuts.

Full article here.

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