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Oil price up due to cold weather

After falling for weeks, the oil price is once again on the rise. The reason is believed to be Jack Frost's early arrival in Europe.

The American WTI oil cost USD 49.21 Monday morning at the electronic trading exchange, up 32 cents since Friday. The price increased more than five percent Friday after reports of an unexpected early winter in Europe, something which may increase the need for heating oil.

WTI oil capped at about USD 55 in October, until the price dropped during the following weeks, until the increase this Friday.

North Sea Oil, which is somewhat cheaper than the American WTI oil, increased about 5 percent Friday to USD 44.89 for delivery in January.

The increase Friday was recorded after unexpected cold weather in Europe created renewed fear for lack of heating oil this winter, a fear which was somewhat reduced the last couple of weeks due to unexpected high reserves in the US.

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