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Oil Rose on Colder Weather Fears

Light, sweet crude for January delivery, rose three cents

Oil prices climbed Tuesday above $60 a barrel in New York amid worries that colder weather in the northeastern United States could boost demand for heating fuels.

Light, sweet crude for January delivery rose three cents to close at $59.94 a barrel on the New York Mercantile Exchange.

The contract reached an intraday high of $60.80 a barrel on Monday, its highest level in a month.

But in London, the price of Brent North Sea crude for January delivery slipped 12 cents to end at $57.61 a barrel.

The New York contract was earlier well above 60 dollars but gave up much of its gains as traders looked to Wednesday's release of weekly oil inventory figures from the US Department of Energy.