Oil firms up at $48.81 a barrel

Oil prices firmed up yesterday, as investors' apprehension hit the roof on the fear of disruption of fuel supplies due to the blizzard enveloping the Northeast.

Light crude for March delivery on the NYMEX rose 28 cents higher to $48.81 a barrel, while London Brent crude futures traded up 28 cents to $46 a barrel.

Elections in Iraq could pose a threat to oil flows, which might cause crude prices to cross the $50 mark.