Oil prices rose in light trade on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil.
“But the U.S. weather is forecast to improve this week, which means the rally may not last too long,” he said.
A lethal blizzard paralysed Buffalo, New York, on Christmas Day, trapping motorists and rescue workers in their vehicles, leaving thousands of homes without power and raising the death toll from storms that have chilled much of the United States for days. Airlines had cancelled nearly 2,700 U.S. flights as of Saturday afternoon after the weather snarled airport operations around the country.
Frigid cold and blowing winds on Friday knocked out power and cut energy production across the United States, driving up heating and electricity prices.Russia may cut oil output by 5 percent to 7 percent in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.
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