Crude up 78 cents per barrel for both WTI, Brent

Anticipated demand for heating oil amid forecasts of cold weather in the United States sent crude oil prices up on Friday. One forecast has temperatures in the Northwest and Midwest US remaining below normal for at least a week.

March contracts for Brent crude was 78 cents higher to $54.90 per barrel by late afternoon in London, a gain of nearly 3 percent on the week but still $5 below its price at the beginning of the year. Meanwhile, West Texas Intermediate crude for March delivery had added 78 cents by late morning trade on the New York Mercantile Exchange to $54.98 per barrel. WTI prices were up almost 6 percent during the week, helped by the announcement that the US will double its strategic oil reserves.