WTI up 78 cents ahead of inventories report

Crude oil prices were higher on Tuesday as more cold weather is expected in parts of the US and Europe, but analysts say that any more gains could be small as they expect US inventories to be up again when new figures for last week are announced on Wednesday.

Brent crude March contracts were 93 cents higher late in the day in London to $53.61 per barrel, while March delivery West Texas Intermediate crude was up 78 cents to $53.36 on the New York Mercantile Exchange by early afternoon.