Oil Closes at Two-Week High on Tuesday

Click here to write a Letter to the Editor.

rude oil futures reached their highest level in two weeks on the New York Mercantile Exchange, closing near $61 a barrel on Tuesday on expectations that colder weather would drive up demand for heating fuel, Bloomberg reported.

Reports from that Saudi Arabian oil minister Ali al-Naimi that the Organization of Petroleum Exporting Countries may agree to another production cut at its December meeting also exerted upward pressure on crude prices, Bloomberg said.

Crude oil futures rose 67 cents to close at $60.99 a barrel on Tuesday.