According to the market information, the crude oil futures price for March on the New York Mercantile Exchange (NYMEX) showed around a 2.3% increase on February 4th, reaching US$92.31/barrel, which was also the highest point since 2014.

Moreover, the crude oil price on the Brent Crude also touched a 7-year peak on the same day, came to US$93.27/barrel, increased by over 2% from the previous trading day.

The main reason for the strong hike in crude oil prices was the cold weather in the US and the tense situation in Russia and Ukraine. From the beginning of this year, the crude oil price on the NYMEX has already increased by over 20%.