International crude oil prices increased on January 9 due to severe cold weather in parts of the US and Europe, which boosted fuel demand. The United States National Weather Service issued winter storm warnings for large areas from East Texas to West Virginia.

West Texas Intermediate (WTI) crude for February delivery increased by US$0.60 (0.82%), reaching US$73.92/barrel on the New York Mercantile Exchange. Brent crude for March delivery rose by US$0.7 (1%), settling at US$76.92/barrel.