Oil prices bolstered by severe US cold snap

The price of oil rose Tuesday, with unusually cold weather in the U.S. expected to fuel demand, according to AP. Benchmark U.S. oil for February delivery was up 27 cents to $93.70 a barrel at mid-afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 53 cents to settle at $93.43 a barrel on Monday. Brent crude, used to set prices for international varieties of crude, rose 66 cents to $107.39 in London. Crude prices were bolstered by the cold wave in the U.S., the world's top oil consumer, as consumption of heating oil is expected to surge.