Oil rises amid US chill, Iran tensions
Legal World
Oil rose on Monday as a burst of cold weather boosted heating demand in the United States and as world powers discussed tightening UN sanctions on Iran, the world's fourth-largest oil exporter.
US crude rose 26 cents to $US61.40 a barrel, just below the 2007 high of $US61.80 hit on Friday. London Brent was up 47 cents to $US61.35.
Analysts said wintry weather sweeping across the key Midwest and North-east heating markets was supporting oil's gains, and added that prices could find even more strength heading into the spring, when gasoline demand picks up.
"It is the first time this year that the large speculative funds are showing a net long position in crude oil," said Olivier Jakob, an analyst at Swiss-based Petromatrix.
Oil prices have swung between a high of $US78.40 last July, when fighting flared in Lebanon, and a 20-month low of $US49.90 in January, when an expected influx of fund money failed to materialise, disappointing oil investors.
A steady recovery in prices since late January has been supported by gradually tightening supplies - OPEC has twice cut output since November - and by concerns over a possible disruption of Iran's oil supplies.
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