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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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Leaders of the G-20 nations are expected to reaffirm their pledges to promote Free Trade at the upcoming Pittsburgh summit, as protectionism has proven to be an obstacle to world economic recovery.

“The temperature is rising, creeping protectionism is reaching a dangerous zone,” World Bank President Robert Zoellick said last week. “Actions and announcements of new barriers not only block trade and could impede a fragile recovery, but they risk frightening skittish financial markets,” he continued. At the G-20 summit in London last April, leaders pledged to “refrain from raising new barriers to investment to trade in good sand services, imposing new export restrictions. … We extend this pledge to the end of 2010.” But G-20 members have passed more than 100 “blatantly discriminatory measures,” according to a recent report by Global Trade Alert. GTA is a team of trade analysts backed by the World Bank and the UK government. Read more

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