Crude fails to consolidate gains

Oil prices got off to a strong start this week, rising by $5 a barrel on Monday to comfortably over $50/b. Traders attributed the rally to firmer equities, following the Citigroup bail-out, a weaker US dollar – boosting the appeal of commodities as a currency hedge – and cold weather. The growing prospect of another cut in Opec production at its 29 November meeting in Cairo was also seen as supportive.