Cold makes prices surge

Oil prices carried on rising on Wednesday after cold weather on both sides of the North Atlantic pushed US crude prices to four-month highs.
Freezing temperatures and heavy snowfalls took crude oil prices past $50 a barrel on Tuesday for the first time since November.

Declines in the dollar have also contributed to the rising oil price.

US crude was trading at $51.39 at 0710 GMT in Asian electronic trade on Wednesday.

A barrel of US crude oil closed up $2.80 to $51.15 in New York on Tuesday.

Opec members said on Tuesday that, given such high prices, the cartel saw no reason to cut its output.

BBC News