Energy prices climb amid US winter storm
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AAP
2010-02-09
Oil and other energy prices climbed as another winter storm was expected to dump even more snow on the US east coast and lift demand for energy commodities.
At 0651 AEDT, on the New York Mercantile Exchange, New York's main futures contract, light sweet crude for delivery in March, was 63 US cents higher at $US71.82 a barrel.
Parts of Virginia, Maryland, Pennsylvania and Washington have been blanketed in about a metre of snow, knocking out power for tens of thousands of Americans and forcing government offices to close.
As those regions dig out, analysts said they expected to see sizable draws on the US's supply of natural gas and heating oil.
Mid-Atlantic states are some of the biggest natural gas and heating oil consumers in the US.
Oil, heating oil and gasoline prices increased in response.
London's Brent North Sea crude for March gained 61 US cents to $US70.20 a barrel.
COMEX
Gold for April delivery rose $US13.40 to settle at $US1,066.20 a fine ounce.
March silver rose 25.5 US cents to $US15.085 an ounce. Copper for March delivery rose 5.55 US cents to $US2.9130 a pound.
