Driven by cold weather in the United States and Europe, winter fuel demand has increased, resulting in a 1% rise in oil prices.

On Thursday (January 9th), due to cold weather hitting parts of the United States and Europe, stimulating winter fuel demand, oil prices rose by over 1%.

The settlement price of Brent crude oil futures rose by 76 cents, or 1%, to $76.92 per barrel. The settlement price of West Texas Intermediate crude oil futures in the United States rose 60 cents, or 0.82%, to $73.92 per barrel.