Oil futures climb, but it may be temporary

Energy prices are ending the year on an upswing with large storms and falling supplies sending futures higher.

Crude futures closed above $78 per barrel for the first time in more than a month Thursday in shortened holiday trading, yet there are few signs that demand has increased, meaning that any price hikes felt by consumers may be temporary.

Oil prices climbed 6 percent on the week, though stabilizing economy hasn’t seriously dented huge stores of crude, natural gas and gasoline. Even with a 5 million barrel draw on crude reported Wednesday by the government, supplies remain well above normal.

The Associated Press