U.S. oil prices spiked to a four-month high on Tuesday (Wednesday morning GMT ) due to the impact of winter in the U.S. and rising concerns about stability in major oil exporting countries .
The benchmark U.S. light sweet crude or West Texas Intermediate ( WTI ) for delivery in March rose 2.13 dollars to close at 102.43 dollars a barrel on the New York Mercantile Exchange , the highest closing price since October 10 , AFP reported .
European benchmark , Brent crude for April delivery rose 1.28 dollars to close at 110.46 dollars in London Intercontinental Exchange .
Cold weather in most of the United States has provided support to oil prices , as home heating oil inventories continued to shrink . U.S. oil prices closed last week for the first time in 2014 at above 100 U.S. dollars per barrel .
" Between the winter that will last a little longer and tighter supplies of heating oil and a strong economy and some good upward momentum ... we are in a rising trend that shows no signs of stopping , " said Addison Armstrong , director of market research at Tradition Energy .
While the cold weather this weekend is expected in several cities in the U.S. , the meteorological agency estimates that another blast of cold weather after that .
Matt Smith , analyst at Schneider Electric , said " pockets of geopolitical tension " is also a factor in the recent surge in oil prices .
Smith pointed to the production of " weak " in Libya , where political unrest and blockade the oil export terminals have suppressed the production for months .
Analysts also said the Nigerian , South Sudan and Venezuela as countries where they have limited production or face uncertainty due to political conflict .
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