Update: Oil Looks for Direction as U.S. Braces for Cold

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With crude futures at their highest since the end of November and the New York Mercantile Exchange closed, oil prices held firm Monday, clinging gains made in the last week as the U.S. Northeast braced for a cold snap that could test low winter fuel supplies.


Brent crude closed up 7 cents to $45.03 a barrel on the International Petroleum Exchange.


U.S. crude ended Friday 34 cents higher at $48.38, taking the week’s gains to 6.5 percent amid a slew of production hitches, shipping delays and supply concerns.


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