Oil prices climb over 1% as winter weather boosts fuel demand in the U.S. and Europe

Oil prices gained more than 1% on Thursday as cold weather gripped parts of the U.S. and Europe, driving up winter fuel demand.

Brent crude futures were up 1.08%, at $76.98 a barrel, by 11:41 a.m.

U.S. West Texas Intermediate crude futures gained 1% to $74.05.

Global benchmark Brent gained more than $1 during the session.

Both benchmarks had fallen more than 1% on Wednesday as a stronger dollar and a bigger-than-expected rise in U.S. fuel stockpiles pressured prices.