The price of crude oil edged higher Monday, as bargain hunting emerged after the price fell over 8% within three days to touch a seven-week low on Friday. The greenback's consolidation and winter storms in the US also helped oil to pare some of its recent losses.

Crude oil for delivery in March settled $0.70 higher at $71.89 per barrel in the New York Mercantile Exchange, after trading in the range $70.77 - $72.39.

The US Dollar eased slightly after last week's sharp rally that saw the buck climb to the highest level in more than eight months against the euro, primarily due to worries about the health of some of the debt-laden economies in the euro-zone.
 
The expectation of below-normal temperatures in many parts of the US amid threats of snow storms provide some support to oil prices. The National Weather Service has issued a winter storm warning from 9 p.m. Monday until 4 a.m. Wednesday.

No major economic data were released Monday in the US. Friday, the Labor Department had reported that unemployment rate in the US decreased to 9.7% in January from 10.0% in December.

(from:rttnews.com)