Gains are capped by growing fears over heavy snowfalls across the US which are likely to hit travellers
An American Eagle plane taxis during a snowstorm at Seattle-Tacoma International Airport in Seattle, Washington state, on December 20 2022. An estimated 112.7-million people will travel 85km or more from December 23 to January 2, up by 3.6-million from 2022, according to AAA, a provider of travel insurance. Picture: BLOOMBERG/DAVID RYDER
Brent crude futures were up $0.93, or 1.15%, at $80.92 a barrel by 1040 GMT. US West Texas Intermediate crude futures gained $0.08, or 1.05%, to $77.03. Both contracts had risen by more than $1 earlier in the session. Prices were also boosted by comments from Saudi Arabia's energy minister, who said on Tuesday that the heavily criticised move by OPEC+ to cut oil output turned out to be the right decision.
Potentially curtailing oil demand, huge parts of the US are forecast to face heavy snow that is likely to cause flight delays and impassable roads during one of the busiest travel periods of the year.
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