07 January 2010

Snow means Oil is Up too!

Snow, snow, snow. It seems to be creeping in everywhere and as usual is leaving a trail of mayhem in its wake.

Everytime a large amount of snow hits the UK, a general chaos hits roads, public transport and general life. Schools close, businesses complain about low sales - pretty much everything can be blamed on the weather when it snows.

One industry is pleased about the cold snap - because demand for its product rises. Oil has gone up in price again, thanks to very cold weather in the UK, Europe and the US.

On Tuesday, New York crude even reached to beyond $80 a barrel. Good news for commdodity investment traders who had been betting on a price rise in the early New Year!

No comments: