Oil Prices Rise on Cold Weather in Europe, U.S.

Oil prices gained Monday morning as expectations of cold weather in the U.S. and Europe raised demand.

U.S. crude for January delivery rose 15 cents to $88.20 a barrel at 7:48 GMT, Reuters reported. ICE Brent for February rose 13 cents to $91.80.

“Prices are going back up because of the really bad weather in the United States and Europe,” said Tony Nunan, a risk manager with Mitsubishi Corp.

Cold…