US Storm, Weaker Dollar Push Oil to 12-week High

Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.

Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents, or 0.4%, to $74.23.

Both crude benchmarks gained for a sixth-straight day with Brent on track for its highest close since Oct. 14 and WTI on track for its highest close since Oct. 11.

Brent and WTI remained in technically overbought territory for a third day in a row on forecasts for colder weather and more heating demand in the northern hemisphere and more fiscal stimulus to revitalize China's faltering economy.

With interest in energy trade growing in recent weeks, open interest in WTI futures on the New York Mercantile Exchange soared to 1.933 million contracts on Jan. 3, the most since June 2023.

In the world's biggest economy, a winter storm marching across much of the U.S. boosted heating demand, causing natural gas futures to spike by as much as 10%