Oil prices edged closer to the psychologically important $100 a barrel level on Wednesday, after severe weather caused the closure of several North Sea oil production platforms.
West Texas intermediate crude, which rose almost $3 during Tuesday’s session, advanced further to $98.62 a barrel ahead of the latest data for US crude oil inventories.
The latest increase came as the International Energy Agency published its annual World Energy Outlook, containing a stark warning that strong demand from China and India would ramp up long-term prices.