Oil prices moved higher today in the wake of freezing weather in the US northeast, a major consumer of heating fuel, and ahead of an OPEC meeting and Iraq's elections.
US light crude stood 7 cents higher at $48.60 a barrel this afternoon, building on Friday's $1.22 rally. London Brent crude moved back 2 cents to $45.71 a barrel after touching its highest level since November 30 in early trade.
The northeast US was earlier today digging out from a blizzard, ranked among the five worst in the past century and linked to at least 18 deaths across eight states.
Crude prices have threatened to breach the $50 level faced with threats to Iraqi oil flows ahead of Sunday's elections and speculation that OPEC's ministerial meeting the same day could yield an output cut.
