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Energy prices rise as US temperatures fall

Published on NewsOK Modified: January 7, 2014 at 4:31 pm •  Published: January 7, 2014

Energy futures are broadly higher as wide areas of the Midwest, eastern and southern United States are hit with record cold weather.

February crude rose 24 cents to $93.67 a barrel in New York Tuesday. Heating oil was up 2.05 cents to $2.959 a gallon.

The cold weather broke decades-old records. Many cities came to a virtual standstill, with flights cancelled and schools and businesses shuttered.

Gold for February delivery fell $8.40, or 0.7 percent, to $1,229.60 an ounce.

In agricultural contracts, corn fell 1.75 cents, or 0.4 percent, to $4.26 a bushel. Soybeans fell 0.75 cent, or 0.1 percent, to $12.76 a bushel and wheat fell 3.25 cents, or 0.5 percent, to $6.025 a bushel.