Oil prices march towards $50
AFP, London
Oil prices headed towards 50 dollars a barrel on Monday in the wake of freezing weather in the United States' northeast, a major consumer of heating fuel, and ahead of an OPEC meeting and Iraq's elections. New York's main contract, light sweet crude for delivery in March rose 60 cents to 49.13 dollars in electronic deals, having closed up 1.22 dollars at 48.53 on Friday. In London, the price of Brent North Sea crude oil for delivery in March gained 57 cents to 46.30 dollars having won 1.41 dollars last Friday. "Certainly, there are a number of rather bullish factors at work in the market like the winter storm in the US northeast," said Victor Shum, a partner with US energy consultancy Purvin and Gertz in Singapore. The United States' northeast was Monday digging out from a blizzard, ranked among the five worst in the past century and linked to at least 18 deaths across eight states.
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