Crude oil prices up on geopolitical issues, weather report

Crude oil prices were higher again on Monday on continuing worries about Turkish military operations inside northern Iraq and on new warnings from Iran concerning international sanctions against that nation over its nuclear ambitions.

Prices were also supported by forecasts for colder weather in parts of the United States that will increase demand for heating oil.

West Texas Intermediate crude for April delivery had gained 54 cents to $99.35 per barrel by just before the close of floor trade on the New York Mercantile Exchange, while April contracts for Brent crude were up 52 cents to $97.53 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline was up a cent to $2.54 per gallon while April heating oil added 2 cents to $2.76 per gallon and April natural gas gained 3 cents to $9.22 per million British thermal units.

At-the-pump prices for gasoline in the United States added 2.2 cents over the weekend to a national average of $3.13 per gallon.

Some analysts believe pump prices could go as high as $3.75 to $4 per gallon this spring, but others don’t expect prices to reach that level because current inventory levels won’t support such high prices.