Oil: Price edges towards US$60

Oil pushed towards US$60 a barrel yesterday, supported by prospects for a cold December in the US Northeast, spurring a rebound in demand for heating oil.

Crude extended last week's rally to its highest in almost four weeks, despite signs that the Organisation of the Petroleum Exporting Countries (Opec) will decide next week to carry on pumping oil at near its full capacity.

January crude was up 56USc, or 1 per cent, at US$59.88 a barrel, its highest since November 9, as it builds on gains of 5 per cent over the final three days of last week.


- REUTERS