Oil prices rallied above $32 a barrel on Friday as the prospect of new central-bank stimulus and an upcoming snowstorm in the U.S. boosted expectations for fuel demand. Diesel futures, which reflect trading of heating oil, posted their biggest daily percentage gain in more than a decade ahead of a blizzard forecast to pummel the East Coast. The cold weather enveloping swaths of the Southeast, Mid-Atlantic and Northeast will likely increase overall consumption of heating fuels. U.S. oil prices have bounced 21% off 12-year lows hit on Wednesday, but some market watchers warn the rally could be short-lived. Global inventories of crude oil continue to grow, which could cap any price gains, and Iranian production is likely to increase now that international sanctions have been lifted. And once the cold weather passes, the oil market’s focus could revert to sluggish global growth and the knock-on effect on oil demand. […]