Oil Prices Up on Worries of Cold Snap

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Oil prices edged up Tuesday, spurred on by worries of a cold snap in the U.S., but weakened by traders remaining unconvinced OPEC’s cuts in production would be sufficient to restore market balance.


Analysts said the cold winter, continued disruption of production in places like Iraq and expected demand from China would also likely keep upward pressure on prices.


U.S. light crude , which has fallen about 26 percent from all-time highs in October, rose 26 cents to $41.27 per barrel. Brent crude for January delivery rose 53 cents to $38.37 .


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