Monday, January 04, 2010

Oil hits $80

SHOOT: The trend for 2010 will be significantly higher energy prices than we saw in 2009.
clipped from

Russia, the world's largest oil and gas producer, has halted oil supplies to Belarussian refineries after failing to agree terms for 2010, traders said on Sunday, threatening a repeat of a dispute which disrupted supplies to elsewhere in Europe three years ago.

Also, forecasts by DTN Meteorlogix for freezing temperatures across the US and cold weather in the plains this week may boost heating demand and lend further support to crude prices.

"The Russia supply issue to Belarus isn't a big impact on the market at the moment, but it's an uncomfortable reminder that the issue could blow up and potentially disrupt European oil supplies," said Ken Hasegawa, a commodity derivatives manager at Newedge in Japan.

Positive economic data from China and India added to the bullish sentiment.

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