Crude Oil Closes at $51.15 a Barrel

Click here to write a Letter to the Editor.

he price of light sweet crude oil for March delivery rose to more than $51 a barrel Tuesday on the New York Mercantile Exchange, Bloomberg reported.

The $51.15 closing price price was up 5.7% from a $48.35 close on Friday and almost $4 higher than a week ago, when oil futures closed at $47.26 on the Nymex, Bloomberg said.

It was the first time oil closed at more than $50 a barrel since Nov. 3. Crude oil rose to a record $55.67 on Oct. 25 as surging demand amplified the effect of disruptions in global oil supplies, Bloomberg reported.

Analysts told Bloomberg that cold temperatures in both the United States and Europe were increasing the demand for heating oil. A weakened dollar against the euro was also pushing crude oil prices higher, Bloomberg reported.

Oil has risen 24% from a four-month low Dec. 10 amid stronger-than-expected demand and concern that falling prices would prompt OPEC to cut production, Bloomberg said.

Crude oil futures were about 41% higher than a year earlier, Bloomberg reported. The March futures contract expires on Tuesday.