WTI gains in late trade

February contracts for West Texas Intermediate crude oil traded at $93.65 per barrel, up 34 cents from Friday’s close shortly before the holiday-shortened session ended on the New York Mercantile Exchange Monday.

Earlier in the session, prices had dropped on weather predictions that expect temperatures in the US will remain above normal for the next two weeks.

However, the news that Mexico had closed two of its key oil ports due to bad weather limited losses and the possibility that the US inventories report, to be delayed until Thursday this week due to the holidays, will show that stockpiles of crude oil dropped for the sixth consecutive week last week.

Trade was limited due to the upcoming holiday.

Brent crude on the ICE Futures Europe exchange, also to be closed tomorrow for Christmas, gained 8 cents to $92.54 per barrel.