Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

U.S. Cold Snap Drives Oil Prices Up, WTI Climbs to $74.25

Daniel Kim Views  

Yonhap News
Yonhap News

The recent cold wave in the United States has driven up heating demand, pushing New York oil prices to their highest level in three months.

On Tuesday, West Texas Intermediate (WTI) crude futures for February delivery settled at $74.25 per barrel on the New York Mercantile Exchange, up $0.69 or 0.94% from the previous session. This is the highest level since October 11, last year. Compared to the beginning of the year, the WTI prices have increased by 3.53%.

Concurrently, Brent crude futures for March delivery, the global oil price index, rose $0.75 or 0.98% to close at $77.05, up from $76.30 the previous day. Oil prices have been steadily rising recently, and WTI has shown a trend of increasing prices for six of the last seven trading days.

Anticipation of economic stimulus measures in China has been a key factor in the rise in oil prices since the end of last year. Investors’ buying sentiment is rising as China, the world’s largest crude importer, is expected to implement a large-scale stimulus policy this year.

Analysts point to the cold wave across the United States as the primary factor for the recent oil price surge. The extreme cold has increased the demand for heating fuels and heightened the risk of production freezes in oil-producing regions. While it’s uncertain whether this situation will continue, crude prices will rise further if the cold wave continues.

Tamas Varga, an analyst at PVM Oil Associates, noted that crude oil prices may remain strong if the cold temperatures persist. However, he cautioned that maintaining a long-term upward trend would be challenging without fundamental changes in the global oil market.

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    Brushing Right After Eating Could Hurt Your Teeth—Here’s Why

    LIFESTYLE 

  • 2
    Early Bedtimes Could Help Teens Boost Brain Power, Study Finds

    LIFESTYLE 

  • 3
    Scientists Find a New Reason to Snack on Walnuts

    LIFESTYLE 

  • 4
    It’s Not Just How Long You Sleep—It’s How You Sleep That Matters

    LIFESTYLE 

  • 5
    Want to Live to 100? Start Eating Like They Do in the Blue Zones

    LIFESTYLE 

Popular Now

  • 1
    Forget the Treadmill—This Machine Burns Twice the Calories in Half the Time

    LIFESTYLE 

  • 2
    No More Needles in the Spine? Blood Test May Predict Alzheimer’s Early

    LIFESTYLE 

  • 3
    Hate the Dentist? You Still Need This One Crucial Cleaning

    LIFESTYLE 

  • 4
    How People With 12% Body Fat Stay Lean—Without Diets or Crazy Workouts

    LIFESTYLE 

  • 5
    Shocking Study Finds Cancer-Causing Arsenic in Brown Rice

    LIFESTYLE 

Must-Reads

  • 1
    Brushing Right After Eating Could Hurt Your Teeth—Here’s Why

    LIFESTYLE 

  • 2
    Early Bedtimes Could Help Teens Boost Brain Power, Study Finds

    LIFESTYLE 

  • 3
    Scientists Find a New Reason to Snack on Walnuts

    LIFESTYLE 

  • 4
    It’s Not Just How Long You Sleep—It’s How You Sleep That Matters

    LIFESTYLE 

  • 5
    Want to Live to 100? Start Eating Like They Do in the Blue Zones

    LIFESTYLE 

Popular Now

  • 1
    Forget the Treadmill—This Machine Burns Twice the Calories in Half the Time

    LIFESTYLE 

  • 2
    No More Needles in the Spine? Blood Test May Predict Alzheimer’s Early

    LIFESTYLE 

  • 3
    Hate the Dentist? You Still Need This One Crucial Cleaning

    LIFESTYLE 

  • 4
    How People With 12% Body Fat Stay Lean—Without Diets or Crazy Workouts

    LIFESTYLE 

  • 5
    Shocking Study Finds Cancer-Causing Arsenic in Brown Rice

    LIFESTYLE 

Share it on...