LONDON. Nov 10: OH prices surged yesterday, driven up by forecasts of cold weather in (he United States and a warning Irom the West s energy watchdog of tight oil stocks In the peak demand winter season, reports Reuters.

Brent crude oil futures for December delivery last traded up 83 cents to hit S22.15 a barrel after breaking above several dally highs. US light crude stood 61 cents higher at the lose at 833.85.

OH was driven up by heating oil futures which last traded at 81.02 soaring 6.07 cents on the (lav. the highest since October 12.

Heating oil climbed on forecasts of below normal temperatures for next week, particularly in the US northcast.

Oil had gained earlier in the day alter the International En ergy Agency (IEA) warned of low lewis of healing oil stocks at the end of September

But its prn|rrtlous indicate Umi ...I m.ukci supplx .V.>1,1.1 comfortably outstrip demand over the whole winter.

There was now serious < on-ceru about the level of heating oil and diesel inventories In Hie countries of Hie Organisation for Economic Cooperation and Development (OECD). it said in its monthly Oil Market Report.

But its data also protected supply outstripping demand by more than <1 million barrels a day 'luring the winter months

"Short-temi there is potential for some tightness but longer term the market looks well supplied. said Gkii Murray of oil brokers Azure in France.

Iraq resumed oil exports on Wednesday after briefly sus

Ung them *

wrangle about getting oil payments in euros rather than dollars.

A mechanism to allow pav-ment In euros was created on Tuesday after Baghdad temporarily hailed loading tankers at (he Turkish port of Ceyhan, a United Nations source said.

Iraq has made a formal request to the UN for an extension of the current phase of the deal beyond its early December expiry Into January. an Iraqi official told Reuters on Thursday.

Iraqi crude sales are monitored by the UN under the strict terms of the world body's oil-for-food programme with which Baghdad has become increasingly impatient.

OPEC ministers meet this weekend

AFP says Irom Vienna. Oil ministers from OPEC countries converge on Vienna this weekend Io discuss t.iIles ensure that skv-hlgh >il pivix o not tumble to earth as fast as they have risen in recent months.

Four times already this year the II-nation Organisation of Petroleum Exporting Countries IOPEC) has increased its output celling to pump more crude to a market thirsty for crude.

But OPEC ministers Will be highly reluctant to open the floodgates any further.

“Their main concern is that they could end up with too much oil on the market." said a London based analyst who follows the oil market for s Investment bank "Prices ha.« moved up quickly and could move down just as fast and that's what OPEC dors not