Oil Gets (More) Expensive: Over $83 Due to Increased Chinese Demand

If the current trend continues, prepare to pay a little more at the pump when you fill up. A weak dollar, increased Chinese demand and other factors have caused the price of crude oil to rise 20 percent in the last month.

To guard themselves against inflation more and more investors are purchasing commodities such as oil and gold.

According to the Associated Press:

Supplies were threatened in Nigeria, where unidentified gunmen attacked a Chevron Corp. crude oil pipeline, cutting production by 20,000 barrels a day, a company spokesman said Saturday.

In other Nymex trading in February contracts, heating oil rose 2.09 cents to $2.22 a gallon and gasoline gained 2.15 cents to $2.18 a gallon. Natural gas futures were down 16.5 cents to $5.58.

In London, Brent crude for February delivery rose 72 cents to $82.08 a barrel on the ICE Futures exchange.

In a cold winter during a supposed period of “global warming” oil, often used for heating, continues to go up.

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