Production problems in Iraq, Nigeria, the US Gulf of Mexico and Norway's sector of the North Sea have combined to remove around 1.1 million barrels per day from the 82 million bpd world market.
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Oil Prices Start Rising Season
The US National Weather Service predicted Monday that winter weather would turn colder
Oil prices rose on Tuesday, firming on forecasts of a cold weather in the US Northeast, and continued supply problems from big global producers.
US crude futures inched up 35 cents to $45.68 a barrel after hitting a high of $46.15 in the middle of the open-call session on the New York Mercantile Exchange. London February Brent crude oil futures were 23 cents higher at $43.15 a barrel.
The US National Weather Service predicted Monday that winter weather would turn colder in the Northeast US. As the region consumed about 80 percent of US home heating oil, colder weather might boost demand for heating oil. Moreover, OPEC is expected to cut production later this month, causing rise in the oil prices.
Production problems in Iraq, Nigeria, the US Gulf of Mexico and Norway's sector of the North Sea have combined to remove around 1.1 million barrels per day from the 82 million bpd world market.
Production problems in Iraq, Nigeria, the US Gulf of Mexico and Norway's sector of the North Sea have combined to remove around 1.1 million barrels per day from the 82 million bpd world market.
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