Oil prices surged two dollars to a 12-week high above $50 a barrel on Tuesday, bolstered by a late bout of cold winter weather in Europe and the US.Statements from Opec members Kuwait and Libya that the price strength meant there was no need for the cartel to reduce output did little to curb the rally. US crude oil jumped by $2.05 a barrel, or 4.2 per cent to $50.40, the highest level since Nov. 30, and barely $5 below a record high struck in late October. Brent crude traded in London gained $1.62 to $48.35 a barrel. — Reuters
