Oil Edges Higher With Energy Shortages Boosting Winter Demand
- High natural gas, coal prices boosting oil use in power sector
- IMF concerned that global economic recovery has lost momentum
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Oil futures in New York rose for the fourth straight day in choppy trade as investors assessed how a global power crisis will affect demand this winter.
Futures in New York rose 0.2% on Tuesday. Shortages of natural gas and coal ahead of winter in the Northern Hemisphere have prompted some switching fuels such as diesel and fuel oil in the power sector. Meanwhile, rising costs for food and fuel were among the reasons the International Monetary Fund cited as it expressed concern the global economic recovery has lost momentum.