Early Asian trading saw an increase in oil prices, which were headed for a third consecutive week of gains as the demand for heating fuel increased due to freezing conditions in parts of the US and Europe.
At 0138 GMT, Brent crude futures increased 24 cents, or 0.3%, to $77.16 a barrel. At $74.18, U.S. West Texas Intermediate crude futures increased 26 cents, or 0.4%.
In the three weeks since January 10th, WTI has increased 6.9% and Brent has up 5.9%.
In the face of low oil stocks, freezing conditions in many regions of the U.S. and Europe, and increasing attitude surrounding China’s stimulus efforts, analysts at JPMorgan ascribed the gains to increased worry over supply interruptions caused by tighter sanctions.
