NY oil prices rise as natural gas surges in wake of war

International oil prices were also strong as cold weather was expected in the eastern U.S. and natural gas prices jumped as supply uncertainties from Ukraine increased.

On the New York Mercantile Exchange, West Texas Intermediate for February delivery rose $0.39, or 0.55%, to settle at $70.99 a barrel.

Brent crude oil for February delivery, which is subject to international market comparisons, closed at $74.39 a barrel, up $0.22, or 0.30%, from the previous session.

Natural gas prices jumped nearly 20% as the eastern United States is expected to be below average next month and natural gas supply instability has emerged as a negative factor in Europe, stimulating buying sentiment.

Supply and demand jitters spread as Ukraine decided to cut off supplies of Russian natural gas through its territory to Europe, sending February natural gas futures prices soaring 16.35% from the previous session.