Oil Prices jumped over prolonged US weather
New York: Oil prices jumped on Tuesday as traders expected cold weather in US will boost the demand for heating fuel.
The EIA is scheduled to release its weekly inventory data on Thursday. China’s credit growth increased in January, which also helped to lift crude prices.
Moreover, US builder’s confidence in the market for newly-built, single-family homes dropped to 46 in February from 56 in January, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Tuesday.
The association blamed unusually severe weather conditions for the worse than expected readings. Light, sweet crude for March delivery rose to 2.13 USD and settled at 102.43 USD a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 1.38 USD to close at 110.46 USD a barrel.
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