Oil Tops $80 a Barrel
Oil rose for an eighth straight day Monday, topping $80 for the first time in two months on higher heating oil demand, Bloomberg reported..
Crude futures rose $1.80 to $81.16 a barrel on the New York Mercantile Exchange. Oil last closed a trading day on the Nymex over the $80 mark on Nov. 4, at $80.40.
The increase was due in part to cold weather in the U.S. Northeast, which could further strain heating oil inventories, Bloomberg said. China also recorded some of its lowest temperatures in 50 years.
Heating oil and diesel are both distillate fuels and often compete for stocks in winter months.
The Department of Energy is due to release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.
