Oil, Gas Prices Shoot Up on Weakening Dollar

Natural gas supplies, however, said to be adequate

Published: 10-Jan-2004

Oil and natural gas prices climbed to their highest levels in more than nine months Friday as traders responded to colder weather in the Northeast, tight supplies and rising demand.

The weak dollar is also pushing energy prices higher, analysts said.

"It gives OPEC countries less buying power and literally no incentive to make any increases in output," of crude, which is denominated in dollars, said Tom Bentz, an analyst at BNP Paribas Commodity Futures in New York.

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