U.S. oil prices rose higher Monday above 94 dollars a barrel in pre-Christmas trade, with many dealers away from their desks for Christmas holiday celebrations.
Light, sweet crude for February delivery rose 82 cents to settle at 94.13 dollars a barrel on the New York Mercantile Exchange after falling as low as 92.50 dollars earlier.
Prices rose more than 2 dollars on Friday after the government reported consumer spending jumped more than expected in November, raising hopes that the economy will weather the crisis roiling credit markets and that demand for oil and gasoline will strengthen.
From a low point of just below 50 dollars per barrel in January, prices have doubled in 2007, hitting 99.29 dollars a barrel on Nov.21.
Source:Xinhua
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