Forecasted cold weather in the US drove crude oil prices above $59 a barrel this evening despite further assurances from oil cartel OPEC that it would ensure extra oil supplies this winter.
Private and government forecasters expect an arctic chill to hit the US East Coast by the end of the week and remain until mid December, possibly shoring up demand for heating fuel after a warm spell.
With colder weather blowing into the US Northeast, the president of the Organization of the Petroleum Exporting Countries said there was support in the cartel to keep output at current rates of some 30 million barrels per day (bpd).
OPEC meets on 12 December in Kuwait to determine oil policy for early next year and cartel chief Sheikh Ahmad al-Fahd al-Sabah said the group might keep pumping at these levels until March.
US crude futures rose 83 cents to $59.30 a barrel in afternoon trade, after jumping $1.15 yesterday. London Brent crude rose 82 cents to $56.97 a barrel, after also rising by more than $1 on Thursday.
However, oil prices are about $12 below a $70.85 peak in late August despite the latest rally.
