With upcoming Iraqi elections and the big OPEC meeting not too far off, oil prices remain steady.
Heating oil for February closed at $1.4032 a gallon, and Crude for March went to $48.53 per barrel.
According to a Market Watch article,
"While the technical situation points to a rise in oil futures, non-OPEC oil flows look likely to offset the OPEC cutbacks and there appears to be no shortage of North Sea barrels in January and February, one London-based trader said.
On Monday, crude hit their highest level in almost two months after heavy snow-fall in the U.S. and amid the Venezuelan oil minister attributing crude's recent strength to uncertainty over Iran."
"You can't have a threat over Iran and pretend that it won't affect oil prices," said Minister Rafael Ramirez said, according to the Associated Press.
"Clearly, the impact of the weather in the Midwest and Northeast is going to be felt in both crude and heating oil as well as natural gas," said Kerr Trading International president, Kevin Kerr.
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