Crude Nears $73 on Winter Demand

17 December 2009 (Last Updated December 17th, 2009 18:30)

US oil prices reached nearly $73 a barrel today on indications of steady economic recovery and a rise in winter demand due to cold weather in north-east USA. For January delivery, crude increased by 24¢ to $72.89 a barrel by 2am EST, while London Brent crude increased by 3¢ to

US oil prices reached nearly $73 a barrel today on indications of steady economic recovery and a rise in winter demand due to cold weather in north-east USA.

For January delivery, crude increased by 24¢ to $72.89 a barrel by 2am EST, while London Brent crude increased by 3¢ to $73.40 a barrel, according to Reuters.

Oil prices were also supported by a small decline in the US dollar after economic data showed the US economy on target to a slow recovery.

OPEC will conduct a meeting regarding oil output on 22 December, which is expected to result in a decision to maintain steady oil supplies.