Oil Prices Surge on Cold Weather

Oil prices are trading around highs of $91.
By Ross Tucker ,

NEW YORK (

TheStreet

) -- A recent run of cold weather across Europe and the U.S. is driving oil prices higher on anticipation of rising demand.

Crude oil for February delivery last traded at $91.18 on the New York Mercantile Exchange, up from an opening price of $90.79 but down from a session high of $91.34.

A massive blizzard that struck the east coast on Monday brought travel to a halt.

Photos: The 2010 Blizzard in Pictures

The storm system also

put the breaks on a crucial holiday sales day for retailers.

The day after Christmas was the second-highest revenue day for retailers last year with $7.9 billion spent, according to ShopperTrak.

-- Written by Ross Tucker in New York.

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