February U.S. crude futures contract expires on Tuesday… Cold weather hits U.S. Northeast… OPEC says enforcing production cuts… Russia and Ukraine reach deal in gas dispute…
Oil jumped more than 3 percent on Tuesday as winter weather blasted the United States amid signs OPEC has tightened supplies.
Further support came as the U.S. February crude contract headed for expiry at the end of the trading session.
U.S. February crude rose $1.25 to $37.76 a barrel by 12:52 EST (1752 GMT), while March crude fell 76 cents to $41.81 a barrel. London Brent gained 34 cents to trade at $44.84 a barrel.
“There’s a short-squeeze play going on ahead of February crude’s expiration, as there are still some traders heavy with shorts on this last trading day for the contract,” said Phil Flynn, analyst, Alaron Trading, Chicago.
“The market is also filling the gap
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