Oil trades below $72
Crude oil traded below $72 a barrel in New York after rising as the US mid-Atlantic region braced for a new winter storm in the coming days, signaling increased demand for heating fuel.
Oil prices won't fall below $60 to $70 a barrel as this is the minimum level at which alternative fuels are economically viable, Saudi Oil Minister Ali al-Naimi said in remarks published on Sunday by Algeria's APS news agency.