LONDON, Feb 24: Oil prices raced higher on Monday as Washington readied a draft resolution to put to the UN Security Council to disarm Iraq by force, and as the US braced for more cold weather.

The price of benchmark Brent North Sea crude oil for April delivery climbed to $32.90 a barrel here in late trading from $32.27 at the close of the previous session. In New York, the reference light sweet crude April contract rallied 64 cents to $36.22 a barrel in early deals.—AFP