US Crude Climbs Helped By US Dollar

US crude oil futures were volatile today, as a weak dollar supported the rise and expectations of mild temperatures played a spoilsport.

The demand for heating oil in the US is expected to be 2% below normal, with the National Weather Service forecasting moderate temperatures in the US Northeast. Last week, the demand for heating oil was 18% below normal versus a forecast of 23%.

On the New York Mercantile Exchange (NYMEX), March crude CLH0 traded at $74.44 after losing $0.10, or 0.13. In London, March Brent crude LCOH0 rose $0.02, or 0.03%, to $72.85 a barrel. March Brent crude on London's ICE Futures exchange climbed $0.32 to $73.15 a barrel.

The markets continue to fuss over the proposal to limit US banks' trading activities by President Obama and are on the lookout for any further news on the tightening of monetary policy in China.

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