Crude Jumps as Cold Weather Triggers Demand; Central Banks Took Center Stage

Crude oil prices soared as very colder weather in the US has raised expectation of higher oil consumption. Meanwhile, prices were helped by the decline in distillates inventory last week, shrugging off gains in crude and gasoline stockpiles. The front-month contract for WTI crude oil jumped to a 3-week high of 96.89 before settling at 96.73, up +1.83%, while the Brent crude contract gained +1.44% during the day.

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Crude Jumps as Cold Weather Triggers Demand; Central Banks Took Center Stage