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Global oil prices rise as U.S. cold snap boosts demand

Global oil prices rebounded on Tuesday as a cold snap in the United States boosted demand for heating fuel, analysts said. New York’s main contract West Texas Intermediate for February delivery rose 37 cents to $93.80 a barrel. Brent North crude gained also 37 cents to stand at $107.10 in…

Peak oil now? Leaked cables show concerns that Saudis running low

Potential oil reserves are often treated as a state secret. This is especially true in Saudi Arabia, the world’s largest oil producer. But soon, the cheap energy bonanza could be on the downturn, according to US State Department documents released by British newspaper The Guardian. The documents, dated between 2007…