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Oil prices reach 15-month high

Crude oil prices increased 1 percent on Monday…

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January 11, 2010 4:22 by



Crude oil prices increased 1 percent on Monday, reaching just above $83 per barrel, the highest in 15 months, reports Reuters. The rise in prices came after figures showed that China’s crude oil imports rose by around 25 percent in December. Oil prices were also supported by the US dollar’s decline and the increasing cold spell in the US and Europe, which boosted demand for fuel.

But oil prices are still 43 percent less than the record high of around $147 a barrel reached in July 2008.



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