Oil up by 2%, reaching highest level in a Year

Oil rises by 2% today, reaching its highest level in a year, as cold weather in the United States increased demand for heating oil in addition to the commitment OPEC member countries to reduce production.

Brent crude futures rose $ 1.14, up 2.0% to $ 57.49 a barrel, after rising earlier in the session to $ 58.05 a barrel, the highest level since January of last year. US West Texas Intermediate (WTI) crude futures rose $ 1.19, or 2.2%, to $ 54.74 a barrel, after rising earlier in the session to $ 55.26 a barrel, its highest level in a year.