Crude gains over $2 per barrel in New York, London

Crude oil prices jumped again Thursday on indications that production cuts from the Organization of Petroleum Exporting Countries are beginning to affect the US market, and on the possibility that OPEC could further cut production when it meets in March.

There has been talk that OPEC could cut production by another million barrels per day on top of the 4.2 million barrels per day of cuts the cartel has already made.

Prices were also pushed upward by new data yesterday that US demand is up and after US inventories did not grow as much as expected last week.

April contracts for West Texas Intermediate crude added $2.72 to $45.22 per barrel on the New York Mercantile Exchange while Brent crude was up $2.22 to $46.51 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline futures added 13 cents in afternoon trade to $1.30 per gallon while April heating oil was up 13 cents to $1.29 per gallon and April natural gas gained 4 cents to $4.07 per million British thermal units.