Oil prices have started another upward climb, and may soon get at the wrenching $50 mark, where they can stick for a while.

March crude rose $0.01 to $48.82 a barrel.

Crude oil rose yesterday as cold weather increased demand for oil in the US Northeast, home to 80% of the nation’s heating oil users. 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.

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.

"The organization’s decision, and the rumors that leak out before it is officially announced, could be a key factor in determining if prices do finally break over $50, or continue trading in the upper $40s," analysts at PFC Energy said.

OPEC ministers gave reassuring statements yesterday that indicate production may stay at current level because of high prices.

"On our oversupply there are different figures, but everyone agrees there is oversupply. But this does not mean we’re going to cut (production)," said Iranian Oil Minister Bijan Zanganeh.

Nigeria’s possible supply disruptions are also factoring into prices. Oil workers in Port Harcourt announced yesterday 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 one of 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.