Oil climbs above US$95

SYDNEY – Oil jumped more than US$1 to above US$95 a barrel yesterday, as the dollar fell and some Opec members pushed for action to stem their declining purchasing power.

US light crude for January delivery, the new front-month contract, rose US$1,21 to US$95,05 a barrel by 0722 GMT, and adding to Friday’s nearly two per cent gains. Friday’s gains were partly fuelled by forecasts for colder US weather that would boost demand.London Brent crude rose to US$92,69 a barrel.The Opec heads of state summit in Riyadh ended on Sunday without signalling whether the producer group would agree to pump more oil at its December 5 policy meeting, although members renewed their pledge to provide “adequate” supplies to consumers.Nampa-ReutersFriday’s gains were partly fuelled by forecasts for colder US weather that would boost demand.London Brent crude rose to US$92,69 a barrel.The Opec heads of state summit in Riyadh ended on Sunday without signalling whether the producer group would agree to pump more oil at its December 5 policy meeting, although members renewed their pledge to provide “adequate” supplies to consumers.Nampa-Reuters