World oil prices hit their highest level since the end of November Tuesday amid falling temperatures, rising demand, and production cuts.
The price for crude oil for future delivery went above $49 a barrel in New York.
Analysts say colder-than-usual weather in portions of the United States is raising concerns about supplies in the world's largest heating oil market.
The International Energy Agency added to supply concerns with a forecast that world oil demand will grow this year.
Meantime, the Organization of Petroleum Exporting Countries has cut its oil output to keep prices from falling.
OPEC, which pumps about one-third of the world's oil, is scheduled to meet again at the end of this month to consider oil prices and supplies.
Some information for this report provided by Bloomberg, AP, AFP and Reuters.