U.S. oil futures Wednesday rose to a new 2014 high on the New York Mercantile Exchange.
Light, sweet crude for March delivery rose 88 cents, or 0.9%, to $103.31 a barrel.
Prices are now up nearly 13% since January’s lows.
The last time crude hit current pricing levels was October 8 last year.
Global benchmark Brent crude for April delivery gained one cent to $110.47 a barrel.
“A frigid winter has driven strong demand for heating-related fuels such as natural gas and heating oil, and prices have surged as inventories have fallen. In government data released last week, inventories of distillates, which include heating oil, were 10% below year-ago levels and 22% below average for this time of year,” the Wall Street Journal said.
The opening of the southern portion of the Keystone XL pipeline system has also raised prices for U.S. crude. The pipeline has opened new routes for crude to reach Gulf Coast refineries.