Oil prices rose in Asian trade Thursday, extending gains on stronger demand for heating fuel in the United States as the country grapples with severe winter.US benchmark West Texas Intermediate (WTI) for March delivery advanced 19 cents to $97.57 in afternoon trade, while Brent North Sea crude was up four cents $106.29 a barrel for its March contract.

Stockpiles at the trading hub in Cushing, Oklahoma, sank 1.5 million barrels, the Department of Energy (DoE) said, indicating strong demand and pushing prices higher.

“I think we are seeing that inventories are coming in better than expected due to the cold snap which… helped to cut back on the supply glut in Cushing,” Desmond Chua, market analyst at CMC Markets in Singapore told AFP.

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