TELETRADER News
1/22/2016, 10:46 PM (Source: TeleTrader)
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Oil prices surge 8%+ on cold weather demand in the U.S.

Oil prices rose over 8%, with an increased the demand sparked by the cold weather front moving over north-eastern United States.

The U.S. light sweet crude WTI jumped 7.87% to $32.22 a barrel for March contracts at the European Intercontinental Exchange by 10:45 p.m. CET. The European benchmark Brent rose 8.31% to $32.19 a barrel, at 10:44 p.m. CET.

The winter weather has also boosted demand for the heating oil, which saw prices go sharply higher - up 10.25% by 10:06 p.m. CET.

The cold snap, which extended to much of the U.S., and was already battering Canada, brought heavy snowfall. Meteorologists say the nasty weather conditions would last for days, with cold air from the Arctic remaining in the region for up to 10 days.

Breaking the News / ZR