Crude-oil futures were choppy in Asian trade with U.S. oil markets largely supported by weather-related demand. On the New York Mercantile Exchange light, sweet crude futures for delivery in March traded at $96.69 a barrel at 0603 GMT–up $0.05 in the Globex electronic session. March Brent crude on London’s ICE Futures exchange fell $0.28 to $107.60 a barrel. Nymex West Texas Intermediate crude gained more than 2% last week on higher fuel demand thanks to a second cold wave in the U.S., bullish agency forecasts and the commissioning of Transcanada’s oil pipeline. Cold weather in the U.S. has pushed up energy prices including diesel futures and propane spot. Nymex oil contracts for front months have also firmed up–a market structure called backwardation–indicating stronger near-term demand. “Strong U.S. refining margins and low product stock cover in the OECD may push WTI prices even higher in the coming weeks as the […]