Oil Gained On Sudden Cold

Oil climbed on Monday on a burst of cold weather in the United States and as world powers discussed tightening UN sanctions on Iran, the world's fourth-largest oil exporter.

US crude rose 26 cents to $US61.40 a barrel, just below the 2007 high of $US61.80 hit on Friday. London Brent was up 47 cents to $US61.35.

Analysts said wintry weather sweeping across the key Midwest and North-east heating markets was supporting oil's gains, and added that prices could find even more strength heading into the spring, when gasoline demand picks up.