Cold Blast Drives Up Oil

"The warm weather in the first part of January and slowing economic activities have curbed [North American] oil demand growth," stated OPEC in its Monthly Oil Market Report.

Elsewhere, new data from the International Energy Agency showed OECD oil consumption dropped 0.6% in 2006 as higher prices curbed demand, The Wall Street Journal reports.

Turning to the energy complex, Duke Energy(DUK Quote) was ahead by 0.3%, after Lehman Brothers reiterated an overweight rating.

In addition, Lehman gave a nod to Calgary-based Canadian Natural Resources(CNQ Quote), again reiterating an overweight rating. The stock rose 1.8%.

The energy exchange-traded funds, iPath Goldman Sachs Crude Oil Index(OIL Quote) and U.S. Oil(USO Quote) were up 3.3% and 2.8%, respectively.