Oil prices continue to rise boosted in the first place by the cold spell in the U.S. Northeast and Europe.
Crude oil futures traded at $51.75 on the NYMEX.

In the US the cold period is supposed to last from March 1 to March 7, and the demand for heating oil is expected to rise 14% above normal at this time. In comparison, the US heating oil inventories are 7% below their normal levels.

The price gains were somewhat curbed as Kuwaiti Prime Minister Sheikh Sabah al-Ahmad al-Sabah said that the surge in oil prices was not corresponding to Kuwait’s long-term interests and promised to take measures to bring the prices in control.

Last week Saudi Oil Minister Ali al-Naimi predicted that the prices would hover in the $40-50 range for the rest of the year.

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.

"Because of the increase in oil prices, the interest of countries in cutting output has decreased," Javad Yarjani, head of OPEC affairs at Iran’s oil ministry, was quoted as saying.