Oil Rises a Fifth Day

Crude oil rose to the highest in more than two weeks after cold weather in Canada shut down the world's biggest oil-sands producer and as investors bought commodities, betting the U.S. Federal Reserve will cut interest rates today.
TradingEconomics.com, Bloomberg 1/29/2008 6:51:56 PM

Oil rose as Syncrude Canada Ltd. said it may take several days for oil-sands production to be restored. The project shipped 305,000 barrels a day in 2007, according to the Web site of Canadian Oil Sands Trust, Syncrude Canada's lead partner. Commodities have gained the past four days on speculation the half-percentage point interest rate cut forecast by traders and economists will sustain growth in the world's biggest economy.

Crude oil for March delivery climbed as much as $1.07, or 1.2 percent, to $92.71 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $92.39 at 10 a.m. in Singapore. Prices have risen 6.2 percent in the past five days.

New York oil futures reached a record $100.09 a barrel on Jan. 3. Prices fell the next three weeks as speculation the U.S. will fall into a recession pushed global equity markets lower.