Oil prices have posted their sixth daily increase since Monday, edging above $52 on speculation that a cold snap in the US Northeast will exhaust the US stocks of heating fuels that are already below the norm.
Currently, the U.S. inventories of heating oil are 7% below last year’s levels and stand at about 41 million barrels, which raises concerns about the depletion of heating oil reserves in the country that is its heaviest user.

U.S. crude futures were up to 64 cents to $52.13 a barrel on the New York Mercantile Exchange.
"Heating oil is driving up the market. It’s been pretty cold and the forecasts show more cold weather on its way. March can be a cold month and it looks like it’s going to be this year, people are starting to worry about heating oil supplies," said John Brady at ABN AMRO in New York.

Qatar, the smallest producer in the Organization of the Petroleum Exporting Countries, declared on Sunday that OPEC will contemplate leaving the oil production levels unchanged at 27 million barrels per day (bpd) in its March 16 meeting that is due to take place in Isfahan, Iran.

"If the price continues as it is, I don’t believe we will need to cut further," Oil Minister Abdullah al-Attiyah said.
"$40-$50 is on the high side and we have to be very careful," he added. Saudi Oil Minister Ali al-Naimi last week said that the oil price will stay within this range for the rest of the year.