Oil up in Asia, boosted by European cold snap

Singapore, Feb 7: Oil was up in Asian trade on Tuesday, with a lingering cold snap in Europe spurring Brent prices while bargain hunters snapped up cheaper US crude, analysts said. New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, gained 35 cents to USD 97.26 a barrel and Brent North Sea crude for March delivery advanced 47 cents to USD 116.40.

"Brent crude rose... as cold weather in Europe boosted heating fuel demand," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. He also told AFP that the WTI was up due to "some bargain hunting" after falling on Monday.

Fatalities from wintry weather sweeping across Europe topped 360 on Monday after snow and rain-swollen rivers burst a Bulgarian dam and killed at least eight people while more homeless perished on frigid city streets. Switzerland reported temperatures plummeting to minus 35.1 Celsius in the eastern Graubuenden canton.

AFP