Oil prices surged more than $2 on Thursday to their highest level in six weeks as a cold snap hit the Midwest and traders were split on market direction.

After climbing as high as $48.40 per barrel, light, sweet crude for February delivery settled $1.67 above Wednesday’s closing price, at $48.04 per barrel, on the New York Mercantile Exchange.

In London, Brent crude for February delivery rose $1.53 to $45.21 per barrel on the International Petroleum Exchange.

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