Energy prices rose Monday as an October cold front across much of the United States sent temperatures lower and the U.S. dollar continued its plunge against other major currencies. Light sweet crude oil for November delivery was up sharply to near $73.50 in mid-morning trade on the New York Mercantile Exchange. Heating-oil futures were up more than 5 cents to above $1.90 a gallon (3.8 liters), and natural gas jumped 15 cents to $4.92 per 1,000 cubic feet (28 cubic meters). Still, there are huge supplies of all three fuels due to the recession, and there is little chance of a shortage in the near term, analysts say. However, the weak U.S. currency continues to attract global investors who can buy oil for a bargain because it is priced in dollars. The U.S. dollar index, which tracks the dollar against other major currencies, is down 14 percent since early March, and crude has jumped by about $20 a barrel since then.
