Singapore, December 27 (QNA) – Oil prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil.
Brent crude was up 73 cents, or 0.9 %, at $84.65 a barrel, while U.S. West Texas Intermediate crude was at $80.41 a barrel, up 85 cents, or 1.1%.
On Friday, Brent rose 3.6 %, while WTI gained 2.7%. Both benchmarks recorded their biggest weekly gains since October.
Frigid cold and blowing winds on Friday knocked out power and cut energy production across the United States, driving up heating and electricity prices.
Concerns over a possible production cut by Russia were also behind todays rally. (QNA)
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