Crude oil up on weather, OPEC cuts, Nigerian strike threats

Crude oil prices were up on Friday as weather forecasters continued to predict that cold weather will last through next week in major portions of the United States. Prices were also driven higher by continuing evidence that OPEC member nations are following through with planned production cuts. Another issue tending to take prices higher was a strike threat in Nigeria, where 20,000 blue and white collar union members said that they will strike beginning on Monday over concerns that their work environment is not safe in the wake of continuing attacks and kidnappings focused on the oil industry.

Brent crude for March delivery added 21 cents late in the day in London to trade at $56.93 per barrel, while March contracts for West Texas Intermediate crude was up 10 cents by early afternoon in New York to trade at $57.41 per barrel on the New York Mercantile Exchange. WTI was up 3.7 percent during the week.

In late morning trade in New York, heating oil was up 1.5 cents to $1.6435 per gallon. Gasoline, however, was up less than a cent to $1.5260 per gallon and natural gas dropped 7 cents to $7.460 per 1,000 cubic feet.