A winter storm has hit the US, driving up heating demand. Various market indicators showed the crude oil supply is tightening, offsetting negative news regarding oil prices. International crude oil prices increased on January 7.

West Texas Intermediate (WTI) crude for February delivery increased by US$0.69 (0.94%), reaching US$74.25/barrel on the New York Mercantile Exchange.

Brent crude for March delivery rose by US$0.75 (0.98%), settling at US$77.05/barrel.