Crude oil prices jumped over 59 dollars a barrel on the New York Mercantile Exchange, setting the highest close this year.

Crude for March delivery rose 1.72 dollars to close at 59.02 dollars a barrel on rising fuel demand.

Crude prices fell below 50 dollars a barrel on Jan. 18 in New York, hitting the lowest levels since May 2005 due to a sharp increase in U.S. crude stocks and an unusual warm weather.

However, the prices have rebounded since last week as cold weather hit the U.S. Northeast, the biggest heating oil market in the world, spurring demand for heating fuels.

Source: Xinhua