Oil pushes closer to $100 as cold snap stokes demand

Telegraph
"Benchmark Brent crude hit an intra-day high of $94.74 a barrel in early trading in London on Friday, the highest level since October 2008."The latest surge has brought $100 per barrel within range for Brent crude in particular," according to analysts at Barclay Capital in a weekly report.The rally in Brent crude is partly due to the severe cold snap in continental Europe and Britain, with more freezing temperatures and snow predicted in parts of Europe over the weekend expected to boost fuel demand further.US crude futures, the global benchmark, are trading at a 26-month high.Oil prices have climbed more than 30pc climb from this year's low in May, reviving concerns that prices could once again hit economic growth for fuel importing countries. "