Crude jumps above $90 on cold snap, dollar

Reuters

NEW YORK – U.S. crude oil futures prices rose sharply on Tuesday, pushing above $90 a barrel for the first time in 26 months as cold weather boosting fuel demand and the dollar’s weakness kept oil lifted.

Optimism that Ireland will pass an austerity budget on Tuesday helped lift the euro against the dollar.

U.S. stock futures were boosted by a deal struck by U.S. President Barack Obama with Republicans to extend Bush-era tax breaks for two years.

Northwest and northeast Europe are expected to continue to have below normal temperatures and above normal energy demand the next several days.

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