Oil prices went up today as forecasts for freezing temperatures in Europe and the north-east of the US led to an increased demand for heating fuel.

US crude for January went up 14¢ to $88.16 a barrel by 03.15 GMT and ICE Brent for February rose 17¢ to $91.84, reports Reuters.

The north-east US is expected to be colder than usual between 24 December 2010 and 28 December 2010, according to weather data released on Friday.

In Europe, Arctic conditions were expected to continue in the north this week.

US heating oil futures edged up 0.68¢ to $2.4805 a gallon and gasoline rose 1.37¢ to $2.33 a gallon.

Oil prices also rose due renewed tensions in the Korean Peninsula and positive US economic data.