Crude oil rose hit an eight-week high as cold weather increased demand for oil in the US Northeast, home to 80% of the nation’s heating oil users.

March crude rose $0.71 to $49.24 a barrel.

Meteorlogix LLC of Massachusetts forecasts persistently low temperatures through Jan. 28. National Weather Service meteorologist Walter Drag predicts another storm following today’s one that left 15 inches in New York.

Analysts blame the weather conditions in the Northeast for the increase in oil prices.

"Certainly, the cold weather in the U.S. is a factor driving up prices to close to $50 a barrel," said Victor Shum, oil analyst at Purvin & Gertz, an energy consulting firm.

OPEC has followed its plan revealed in December to slice output by 1 million barrels a day to 27 million barrels a day. Now the markets are unsure as what to expect of the Vienna meeting of OPEC ministers on Jan. 30.

Nigeria’s possible supply disruptions are also factoring into prices.Oil workers in Port Harcourt have announced they may go on strike if two expatriate managers do not leave the country. The strike could close off the supply of 500,000 barrels per day and leave on the oil refineries in Africa’s largest oil exporting nation closed.

The increased violence in Iraq has also given rise to oil prices as insurgents have stepped up attacks before the Jan. 30 elections.