Oil prices edge higher on OPEC demand estimate, while cold hits U.S. output

Oil prices edged higher on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and a cold blast in the U.S. disrupted some oil production.

Brent crude futures gained 28 cents to $78.16 a barrel by 0004 GMT, and U.S. West Texas Intermediate crude futures (WTI) rose 34 cents at $72.90.