Oil Prices Up on Snowstorm Forecast

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Oil prices spiked to settle near $60 a barrel Monday amid reports that a snowstorm would hit the Northeast, the world’s largest heating fuel market, and boost demand for crude oil and natural gas.


Light sweet crude for January delivery gained 59 cents to settle at $59.91 a barrel on the New York Mercantile Exchange, after soaring as high as $60.80 in earlier trading.


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