Oil prices rose sharply Friday on speculation that frigid weather in U.S. would boost the demand for heating oil.
The impact of cold weather on demand is the focus of market. It was reported that last month was the coldest January since 1994 in the U.S..
Crude prices were boosted by the cold weather, as consumption of heating oil is expected to surge.
The U.S. inventories of the fuel, which includes heating oil and diesel, fell last week, the Energy Information Administration said Wednesday.
On the economic front, a government report showed U.S. hiring rose fewer than expected. However, investors attribute the weak job creation partly to chilly weather.
Total nonfarm payroll employment increased by 113,000 in January, falling short of economists' estimates, the U.S. Labor Department said Friday.
Unemployment rate in the month dropped slightly to 6.6 percent from 6.7 percent in the preceding month, matching market expectations.
The Federal Reserve studies employment data to determine the timing and pace of cuts to its bond-buying program.
Light, sweet crude for March delivery moved up 2.04 dollars to settle at 99.88 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 2.38 dollars to close at 109.57 dollars a barrel.
