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US oil prices rebound in face of more frigid weather

US oil prices pushed higher on Tuesday after falling for two sessions as much of the country's upper Midwest and northeast faced more extra-cold weather from a looming winter storm.

NEW YORK: US oil prices pushed higher on Tuesday after falling for two sessions as much of the country's upper Midwest and northeast faced more extra-cold weather from a looming winter storm.

But prices eased in Europe, as the market overall feels the impact of some weak recent indicators for global economic growth.

The US benchmark West Texas Intermediate (WTI) for delivery in March jumped 76 cents to $97.19 a barrel.

Brent North Sea crude for March dipped 26 cents to stand at $105.78 a barrel in London.

Carl Larry of Oil Outlooks and Opinion said the WTI gain was also helped by the rebound on Wall Street, where stocks were higher following Monday's two percent fall.

"Brent prices have continued their recent softness but thus far have been unable to push much below their recent two-month lows," said Michael Hewson, chief market analyst at traders CMC Markets UK.

"US prices on the other hand are continuing to find support on reports that yet another snow storm is heading towards the Eastern seaboard of the US."

Traders had their eye on the weekly US commercial oil and fuel stockpile report due on Wednesday.

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