Oil rose on speculation colder weather will increase the use of heating fuel in the U.S. just as OPEC starts to pump less crude.
Heating demand in the U.S. Northeast, the nation's biggest heating-oil consuming region, will be 14 percent above normal through Feb. 1, said Weather Derivatives, a forecaster in Belton, Missouri. The Organization of Petroleum Exporting Countries, the producer of about 40 percent of the world's crude, last month agreed to cut output by 500,000 barrels a day starting Feb. 1.
Heating demand in the U.S. Northeast, the nation's biggest heating-oil consuming region, will be 14 percent above normal through Feb. 1, said Weather Derivatives, a forecaster in Belton, Missouri. The Organization of Petroleum Exporting Countries, the producer of about 40 percent of the world's crude, last month agreed to cut output by 500,000 barrels a day starting Feb. 1.
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