Crude Trades Close to 2-Year High as Cold Boosts Heating Demand
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Oil traded close to a two-year high as cold weather boosts demand for heating fuels in Europe and North America and amid speculation the U.S. economic recovery will accelerate next year, increasing oil consumption.
Temperatures in Europe and parts of the U.S. are colder than usual, boosting same-day U.K. natural gas prices by as much as 14 percent today. Crude futures gained as much as 0.8 percent as European equities advanced to the highest level since September 2008.