LONDON, Jan 10: Crude oil futures jumped by more than $1 on Monday on supply worries, as storms halted production at a North Sea platform and meteorologists forecast a cold snap in the United States.

Uncertainty over Opec policy ahead of the cartel's meeting in Vienna later this month also helped to support prices, analysts said. New York's main contract, light sweet crude for delivery in February, climbed by $1.57 to $47.00 per barrel in early deals at about 1700 GMT.

The contract had reached as high as $47.10 earlier Monday, breaking above $47 for the first time since November 30. In London, the price of Brent North Sea crude oil for delivery in February rose by $1.42 to $44.60 in late trading.

It had reached an intra-day high of $44.80 and above $44 for the first time since December 1. Oil prices rose "with uncertainty over Opec policy and supply glitches in the North Sea providing support", analysts at the Sucden brokerage firm said.

Oil giant Shell on Friday shut down crude oil production at its North Sea Draugen field as storms prevented repair work. The Draugen field produces around 140,000 barrels a day, a company spokeswoman said.

"Shell's platform Draugen was shut in on Friday, and we are still seeing this severe weather up there which obviously prevents any attempt to try and rectify the problem," GNI-Man Financial trader Kevin Blemkin said.

"That's probably why prices are up at the moment. Also they are talking about a bad weather in the US later in the week." The market was meanwhile watching closely the run-up to a January 30 meeting of the Organization of Petroleum Exporting Countries (Opec), when it convenes at its Vienna headquarters to review output.

The 11-member cartel agreed in Cairo last month to reduce production by one million barrels a day from the start of 2005 to bring the group closer to its official output ceiling of 27 million barrels.

Opec ministers said then that they were ready to reduce output again if needed to mop up excess supply in anticipation of a seasonal downturn in demand as the northern hemisphere winter ends.

"Traders are also looking at Opec which meets on the 30th January to decide on possible output cuts ahead of the second quarter," Sucden analysts said. On Friday Iranian Oil Minister Bijan Zanganeh said Opec should take action at its meeting if oil fell below $40 per barrel.

"An Opec source said sub-40 dollar oil would mean the group could consider a 1.0-1.5 million bpd cut, adding to the 1.0 million bpd over-supply cut already agreed from the 1st January," they added. -AFP