LONDON–The price of oil rose Wednesday on prospects US demand will hold up amid cold weather, offsetting worries about a slowdown in emerging economies.By late afternoon in Europe, the benchmark US crude contract for March delivery was up 42 cents to US$97.78 a barrel in electronic trading on the New York Mercantile Exchange. It gained 76 cents to close at US$97.19 on Monday in New York.
Brent crude, a benchmark for international oil used by many US refineries, was up 20 cents at US$104.93 on the ICE exchange in London.Expectations for higher demand offset lingering concerns about an economic slowdown in China and some emerging markets that have caused turmoil in stock markets.
AP