Extremely cold weather prevents drying altogether; while heat has the opposite effect. When the temperature is hot, the surface of the paint can create a membrane over the lower layers prior to it having a chance to dry. Extreme high temperatures can also result in other imperfections, such as peeling, bubbling, cracking, or discoloration.
If you are painting with an oil-based paint, the recommended temperature should be above 45°F for at least 48 hours. Latex and acrylic paints typically require higher temperatures above 50°F. Important to note that air temps that drop below freezing can affect the paint in an adverse way. Not only should temperatures be above 45°F when the paint is applied, but they should remain that way for at least two or three hours for paint to dry properly.
In high-humidity situations, discoloration on the surface of the paint may appear with a brownish tint. If the paint is exposed to extremely high humidity, the paint may be compromised. High humidity may result in damage to the freshly coated paint as moisture will seep through. In turn painting a wood surface during high humidity days can result in air being masked in the wood and enter the paint causing bubbling or peeling. As temperature lowers, the paint thickens. The thicker the coating, the longer it takes for the paint to oxidize in the case of oil-based paints, acrylics and latex paints.