Oil prices surged toward $55 Tuesday amid cold weather in the US Northeast and the weaker dollar and the speculations that OPEC will not increase output.
US light crude climbed 91 cents to $54.80 a barrel, less than a dollar from the contract all-time high of $55.67. London?s Brent crude rose 91 cents to equal its all-time high of $53 a barrel.
The dollar fell to less than $1.33 against the euro, its weakest since early January. The fall spurred speculative funds into energy and away from foreign exchange markets.
Several OPEC ministers have said they see no need to raise output ahead of the group?s meeting in the Iranian city of Isfahan next week.
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Oil Climbed To $55
Oil prices surged toward $55 Tuesday amid cold weather
