SINGAPORE- Oil prices extended gains in Asian trade Wednesday as frigid weather in the United States bolstered demand for heating fuel, analysts said.
US benchmark West Texas Intermediate for March delivery rose 44 cents to $97.63 in afternoon trade while Brent North Sea crude for March added 24 cents to $106.02.
“The cold weather is probably the major cause of the rally,” said Ric
Spooner, chief market analyst at CMC markets in Sydney.
“There was also a bit of recovery last night in equity markets, which
helped support the oil prices,” he told AFP.