World oil prices extended gains in Asian trade Tuesday as cold weather continued to hit across Europe and the US, boosting energy demand.
Light sweet crude for January delivery was seen trading at $89.55 a barrel at 12.30 p.m Singapore time while Brent crude was at $93.01 a barrel in London.
Recently, in many areas of the United States and Europe it was the coldest in years, boosting the growth in demand for crude oil and heating oil.
Analysts said the black gold also took advantage of forecasts of decline in US crude stocks. Oil inventory data from the American Petroleum Institute is due later on Tuesday, with the government's report following on Wednesday.
Meanwhile, The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) continued to increase last week, reaching $88.39 per barrel, the Vienna-based cartel said Monday.
OPEC weekly average prices increased for the third week. The first two weeks of this month, the OPEC weekly average oil price reached $84.90 and $87.80 a barrel.
On the last five trading days, OPEC prices rose for four consecutive days.
However, the range of rise remained small, reaching a total increase of $0.82 for five days, increasing from $87.96 a barrel on Monday to $88.78 a barrel on Friday.
On Monday, US January contract expired after gaining 0.9 percent to $88.81. Futures reached $90.76 on Dec. 7, the highest since October 2008.
Light, sweet crude for February delivery, which is currently the most actively traded contract declined to $87.56/barrel while Brent Crude closed at $91.29/barrel.
Light sweet crude for January delivery was seen trading at $89.55 a barrel at 12.30 p.m Singapore time while Brent crude was at $93.01 a barrel in London.
Recently, in many areas of the United States and Europe it was the coldest in years, boosting the growth in demand for crude oil and heating oil.
Analysts said the black gold also took advantage of forecasts of decline in US crude stocks. Oil inventory data from the American Petroleum Institute is due later on Tuesday, with the government's report following on Wednesday.
Meanwhile, The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) continued to increase last week, reaching $88.39 per barrel, the Vienna-based cartel said Monday.
OPEC weekly average prices increased for the third week. The first two weeks of this month, the OPEC weekly average oil price reached $84.90 and $87.80 a barrel.
On the last five trading days, OPEC prices rose for four consecutive days.
However, the range of rise remained small, reaching a total increase of $0.82 for five days, increasing from $87.96 a barrel on Monday to $88.78 a barrel on Friday.
On Monday, US January contract expired after gaining 0.9 percent to $88.81. Futures reached $90.76 on Dec. 7, the highest since October 2008.
Light, sweet crude for February delivery, which is currently the most actively traded contract declined to $87.56/barrel while Brent Crude closed at $91.29/barrel.
