Global oil prices advanced in Asian trade Tuesday mainly on indications of strong manufacturing growth in both the United States and the eurozone.
Light sweet crude for February delivery was seen trading at $91.64 a barrel at 1.00 p.m Singapore time while Brent crude for February settlement traded at $94.97 a barrel in London.
Analysts also attributed continuing cold weather in Europe and the US for the advancement apart from growth in US and European manufacturing that bolstered speculation the economic recovery will strengthen fuel demand.
Futures advanced 0.2 percent yesterday after the Institute for Supply Management's U.S. factory index climbed at the fastest pace in seven months.The ISM said that its index of manufacturing activity rose to 57 in December, up from 56.6 the previous month.
December was the 17th consecutive month that the sector grew, according to ISM. In Europe, the Market Purchasing Managers' Index recorded a level of 57.1 for December, up from an earlier estimate of 56.8 and above November's 55.3.Germany posted the strongest growth.
Oil prices rose past $92 a barrel Monday, hitting a 26-month high, as the new year began with the prospect of skyrocketing crude prices as the US Federal Reserve is expected to maintain its "extremely easing" monetary policy.
Benchmark oil for February delivery rose as high as $92.66 a barrel, $1.28 above last Friday's settlement price, in trading on the New York Mercantile Exchange.
The last time oil settled above $92 a barrel was on October 3, 2008, when it reached $93.88.
Light sweet crude for February delivery was seen trading at $91.64 a barrel at 1.00 p.m Singapore time while Brent crude for February settlement traded at $94.97 a barrel in London.
Analysts also attributed continuing cold weather in Europe and the US for the advancement apart from growth in US and European manufacturing that bolstered speculation the economic recovery will strengthen fuel demand.
Futures advanced 0.2 percent yesterday after the Institute for Supply Management's U.S. factory index climbed at the fastest pace in seven months.The ISM said that its index of manufacturing activity rose to 57 in December, up from 56.6 the previous month.
December was the 17th consecutive month that the sector grew, according to ISM. In Europe, the Market Purchasing Managers' Index recorded a level of 57.1 for December, up from an earlier estimate of 56.8 and above November's 55.3.Germany posted the strongest growth.
Oil prices rose past $92 a barrel Monday, hitting a 26-month high, as the new year began with the prospect of skyrocketing crude prices as the US Federal Reserve is expected to maintain its "extremely easing" monetary policy.
Benchmark oil for February delivery rose as high as $92.66 a barrel, $1.28 above last Friday's settlement price, in trading on the New York Mercantile Exchange.
The last time oil settled above $92 a barrel was on October 3, 2008, when it reached $93.88.
