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 by 0122 GMT, 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. British and U.S. markets were closed on Monday for the Christmas holiday. “Fears over supply disruption from winter storms in the U.S. prompted buying, though trade was thin as many market participants were away on holiday,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd. “But the U.S. weather is forecast to improve this week, which means the rally may not last too long,” he said.
