Sydney Morning Herald – THE plants in northern hemisphere gardens may be confused about the unseasonably warm weather, but spare a thought for anyone trying to make a living in the oil market. On thetrading floors, the losses are rising as quickly as the mercury.<\/p>\n
Early-blooming roses face a nasty shock when winter arrives – but for the hedge funds betting on a bounce-back from last summer’s oil price slump, rising temperatures have already been a disaster.<\/p>\n
Rumours are circulating that one or more funds have lost their shirt on the latest slide in the oil price, which has fallen 15 per cent so far this year.<\/p>\n
On Friday, world oil prices climbed to nearly $US53 a barrel, recovering from 19-month lows. New York’s main oil futures contract, light sweet crude for delivery in February, gained $US1.11 to close at $US52.99 a barrel.<\/p>\n
In London, the price of Brent North Sea crude for February delivery rose $US1.25 to settle at $US52.95 a barrel.<\/p>\n