The price of oil extended gains to near $103 a barrel Wednesday, driven by severe winter weather in the U.S. and supply concerns, AP reported. Benchmark U.S. crude for March delivery was up 38 cents to $102.81 a barrel at 0800 GMT in electronic trading on the New York Mercantile Exchange. The contract surged $2.13 to close at $102.43 a barrel on Tuesday. Last time the price of oil was above $103 was in October. Severely cold weather and snowstorms in the eastern region in the U.S. have boosted energy prices. Brent crude, a benchmark for international oils, edged down 11 cents to $110.35.
