Crude Oil jumped 2% Monday on renewed optimism about the pace of global economic recovery and as cold weather across the United States boosted fuel demand. “Stunning records for cold were set across the nation, increasing the demand for heating fuels over the weekend,” said Phil Flynn, analyst for PFGBest Research in Chicago. The National Weather Service said total US heating demand will be higher than normal this week as the first seasonal wave of cold weather hits the Northeast and Midwest. US Crude Oil rose US$1.50 to settle at US$73.27bbl, the highest settlement since August 24. Brent Crude traded up US$1.36 to settle at US$71.36bbl. Further support came from a fall in the US$ as investors positioned ahead of U.S. corporate earnings later this week on expectations strong results will drive risk tolerance higher.
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