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Prices of crude inched towards $82 a barrel on 5 January because of the high demand for heating fuel during the cold weather conditions in the US and Europe. For February delivery, US crude prices increased by 15¢ to $81.65 a barrel at 8:21am GMT, while London Brent crude increased
Prices of crude inched towards $82 a barrel on 5 January because of the high demand for heating fuel during the cold weather conditions in the US and Europe.
For February delivery, US crude prices increased by 15¢ to $81.65 a barrel at 8:21am GMT, while London Brent crude increased by 21¢ to $80.33 a barrel, according to Reuters.
Cold weather in the US increased demand for heating fuel by over 20%, with north-eastern US demand witnessing an 11% rise from normal levels.
Oil prices were also affected by the oil price dispute between Russia and Belarus where supplies to Belarus were momentarily suspended.
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