Oil Rises to Two-Week High Over $85

Oil rose over $85 a barrel Monday, its highest level in two weeks, Bloomberg reported.

Light sweet crude futures rose to as high as $85.03 in pre-market trading on the New York Mercantile Exchange, on speculation that cold weather in Europe will boost demand, Bloomberg said.

Oil hit a two-year high of $87.81 in mid-November, pushing diesel to a two-year high earlier this month and gasoline to near a two-year high. (Click here for previous story.)

Since then, oil had steadily declined until last week, when it rose from a month-low $81.25 last Tuesday.

The Department of Energy will release its weekly diesel and gasoline price survey Monday afternoon in Washington.