Oil bullish as both benchmarks trade above $90

Both benchmarks are trading above $90, which is good for oil.

At the start of the London day, oil prices are optimistic, extending sharp gains from the previous session as winter weather blasted across wide parts of the United States, threatening to disrupt oil supplies further. For the first time since October 2014, both benchmarks are trading over the $90 area.

Brent oil crude futures, the worldwide benchmark, are currently trading at $91.35 per barrel, up 0.26 percent. The US standard, West Texas Intermediate crude, is currently priced at $90.69 per barrel, up 0.45 percent.

The benchmark has now surpassed $90 for the first time since October 2014. Both benchmarks are on track to gain for the eighth week in a row.