Feb. 8 -- Oil rose for the first time in four days as the U.S. mid-Atlantic region braced for a new winter storm in coming days as it dug out from a weekend blizzard.
Oil rebounded from a seven-week low after the National Weather Service issued storm warnings from Utah to New Jersey and advisories for below-normal temperatures in the East. The weekend storm left almost 40 inches of snow in some places and shut government offices today in Washington.
The cold weather is persisting here, and it's not relenting, said John Kilduff, a partner at Round Earth Capital, a New York-based hedge fund that focuses on food and energy commodities. Oil prices also advanced amid technical support at the 200-moving average of $70.72 a barrel, he said.
Crude oil for March delivery rose 39 cents, or 0.6 percent, to $71.58 a barrel at 9:42 a.m. on the New York Mercantile Exchange. Oil touched $69.50 a barrel on Feb. 5, the lowest since Dec. 15. Futures have risen 78 percent in the past year.
