OIL markets were propelled higher yesterday drawing strength from fresh demand for heating oil in the US. London February futures for bellwether crude blend North Sea Brent closed up 44 cents at $24.57 a barrel, in sight of mid October's post Gulf War high.

Dealers said forecasts for colder weather in the northeast of the US, the world's single largest heating oil consuming region, had sent buyers scrambling for cover. Icebound Dutch canals slowed trade and forced traders to move oil product from ports to inland markets by rail.