New York Oil Prices Surge In Demand For Heating Oil On Cold Wave ↑ 0.82%

Oil prices in New York rose as demand for winter heating oil increased significantly due to the cold snap.

On the New York Mercantile Exchange, West Texas Intermediate for February delivery rose $0.60 and 0.82% to settle at $73.92 a barrel.

Brent crude, which is subject to international market comparisons, closed at $76.92 for March delivery, up $0.76 and 1% from the previous session.

The cold wave is believed to have acted as pressure to increase oil prices on the demand side.

However, the cold could disrupt crude supplies going forward, and heavy rain and strong winds could cause power outages, affecting New York oil prices.