Oil rose

West Texas Intermediate crude rose to the highest level in four months on speculation that inventories in Cushing, Oklahoma, decreased last week and as cold weather boosted fuel demand.

Prices climbed as much as 1.3 percent. Supplies at Cushing, the delivery point for WTI futures, probably dropped for a third week, according to analysts surveyed by Bloomberg. A second storm in three days has brought more snow to the U.S. Northeast and mid-Atlantic, bolstering the use of distillate fuels, including heating oil and diesel.

WTI for March delivery increased $1.04, or 1 percent, to $101.34 a barrel at 10:39 a.m. on the New York Mercantile Exchange. Prices touched $101.62 a barrel, the highest level since Oct. 18. They have rallied 3.9 percent this month. The volume of all futures traded was 35 percent above the 100-day average. Floor trading was closed yesterday for the U.S. Presidents Day holiday.

Brent for April settlement rose 41 cents, or 0.4 percent, to $109.59 a barrel on the London-based ICE Futures Europe exchange. Volume was 44 percent below the 100-day average. The European benchmark grade was at a premium of $8.52 to WTI for the same month. The spread was $8.95 on Feb. 14, the widest in a week based on closing prices.