January 23, 2007	Tuesday	Muharram 03, 1428

LONDON, Jan 22: World oil prices extended a pre-weekend rally on Monday, helped by the arrival of a cold snap in the United States that was expected to raise demand for heating fuel, traders said.

In London, the price of Brent North Sea crude for March delivery rose 28 cents to $53.72 per barrel in electronic trading.

New York’s main oil futures contract, light sweet crude for delivery in February, leapt $1.01 to $53.01 per barrel in pit trading. The contract expires at the close.

“Crude futures were higher (on Monday), extending gains from Friday, following news that colder temperatures have finally reached the US northeast,” said Sucden analyst Michael Davies in London.

“Also, investors are eyeing Europe with colder temperatures expected there also, hoping for an additional push in demand for heating oil.”

Crude futures surged by more than $1.5 on Friday as the market switched its attention to the colder weather.—AFP