New York oil prices rose above $88 in quiet Asian trade today owing to a narrower US trade deficit and a blizzard sweeping across the American midwest, analysts said.
New York's main contract, light sweet crude for delivery in January, climbed 28 cents to $88.07 per barrel.
Brent North Sea crude for January delivery was also up, gaining 28 cents to $90.76.
"The cold weather in the northern hemisphere would be supporting the oil prices, as well as positive US trade data released over the weekend," said Serene Lim, oil and gas analyst for ANZ bank in Singapore.
A fierce early winter storm pounded several midwestern US states yesterday, shutting busy airports and highways as the storm barrelled eastward.
The cold snap in the world's biggest oil consumer will mean extra demand for heating, helping to support energy prices.
Figures out on Friday meanwhile showed the US trade deficit narrowed sharply in October, suggesting stronger growth in the recovering economy.
The Commerce Department said the trade deficit stood at a seasonally adjusted $38.7 billion, the smallest gap all year and down 13 per cent from a revised $44.6 billion in September.
