World Oil Prices Rise on Forecasts of increased Demand

January 24, 2011
The price of oil on world commodity exchanges was growing Monday morning as reports arrive that demand for fuel will increase due to positive outlooks on U.S. and European economies.

The price of a February futures contract for WTI light sweet crude in electronic trading on Nymex was up 35 cents to $89.46 a barrel by 7:00 Moscow time. The price of a February futures contract for North Sea Brent blend was up 46 cents to $98.06 in London.

Oil prices rose on January 21 with February WTI contracts up to $89.11 a barrel and February Brent contracts up $1.02 to $97.60.

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