NEW YORK (Reuters) - Oil prices were up for a second straight day on
Monday ahead of the first major snowstorm expected this year in the U.S.
Northeast.
Gains were limited, however, by the absence of any market disruption in top oil exporter Saudi Arabia after King Abdullah's death.
An 11-year high in the U.S. dollar <=USD> against other major currencies, and fears of fresh instability in the euro zone after a decisive Greek election victory by the left-wing Syriza party also capped oil's potential for rebound, traders said.
Light snow began falling on the U.S. East Coast on Monday morning, the first signs of a potentially historic blizzard that officials predicted could dump up to 3 feet of snow in the coming day, snarling transportation for millions of people.
The National Weather Service (NWS) issued a blizzard warning for New York City and surrounding areas between coastal New Jersey and Connecticut, beginning 1:00 p.m. EST (1800 GMT) on Monday and worsening overnight into Tuesday morning. It warned of two days of winter storms across the East Coast, from Pennsylvania to Maine.
"Crude is getting some help from supportive heating oil ahead of the blizzard, although with all the flight cancellations, it might end up being a bearish event on oil demand," said Phil Flynn, analyst at Chicago's Price Futures Group.
Read more Click here / www.trade4x.net
Gains were limited, however, by the absence of any market disruption in top oil exporter Saudi Arabia after King Abdullah's death.
An 11-year high in the U.S. dollar <=USD> against other major currencies, and fears of fresh instability in the euro zone after a decisive Greek election victory by the left-wing Syriza party also capped oil's potential for rebound, traders said.
Light snow began falling on the U.S. East Coast on Monday morning, the first signs of a potentially historic blizzard that officials predicted could dump up to 3 feet of snow in the coming day, snarling transportation for millions of people.
The National Weather Service (NWS) issued a blizzard warning for New York City and surrounding areas between coastal New Jersey and Connecticut, beginning 1:00 p.m. EST (1800 GMT) on Monday and worsening overnight into Tuesday morning. It warned of two days of winter storms across the East Coast, from Pennsylvania to Maine.
"Crude is getting some help from supportive heating oil ahead of the blizzard, although with all the flight cancellations, it might end up being a bearish event on oil demand," said Phil Flynn, analyst at Chicago's Price Futures Group.
Read more Click here / www.trade4x.net
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