Global oil prices edged higher in Asian trade Thursday as extreme cold weather and blizzards in the northern hemisphere is expected to boost energy demand further.
Light sweet crude for February delivery was seen trading at $91.17 a barrel at 12.00 noon Singapore time while Brent crude was at $94.28 a barrel in London.
Oil jumped above $90 per barrel this month, setting new two-year highs as investors anticipated rising demand in 2011. Prices have held above that level all week.
Meanwhile, American Petroleum Institute (API) reported a 3.1 million-barrel rise in crude, while gasoline supplies dropped 3.1 million barrels in the week to December 24. Distillates rose 1.4 million barrels.
Analysts however said oil market awaits for the release of the U.S. Energy Information Administration fuel stocks report later Thursday for further directions.
They expect the US weekly inventory data expected to show a drawdown in crude stocks for the fourth consecutive week due to an abnormally icy winter.
On Wednesday, Benchmark oil for February delivery gave up 37 cents to settle at $91.12 a barrel on the New York Mercantile Exchange.
Heating oil for January delivery fell less than a penny to settle at $2.515 per gallon, gasoline for January delivery lost 1.52 cents to settle at $2.3904 per gallon and natural gas for February delivery gave up less than a penny to settle at $4.287 per 1,000 cubic feet.
In London, Brent crude lost 24 cents to settle at $94.14 a barrel on the ICE Futures Exchange.
Light sweet crude for February delivery was seen trading at $91.17 a barrel at 12.00 noon Singapore time while Brent crude was at $94.28 a barrel in London.
Oil jumped above $90 per barrel this month, setting new two-year highs as investors anticipated rising demand in 2011. Prices have held above that level all week.
Meanwhile, American Petroleum Institute (API) reported a 3.1 million-barrel rise in crude, while gasoline supplies dropped 3.1 million barrels in the week to December 24. Distillates rose 1.4 million barrels.
Analysts however said oil market awaits for the release of the U.S. Energy Information Administration fuel stocks report later Thursday for further directions.
They expect the US weekly inventory data expected to show a drawdown in crude stocks for the fourth consecutive week due to an abnormally icy winter.
On Wednesday, Benchmark oil for February delivery gave up 37 cents to settle at $91.12 a barrel on the New York Mercantile Exchange.
Heating oil for January delivery fell less than a penny to settle at $2.515 per gallon, gasoline for January delivery lost 1.52 cents to settle at $2.3904 per gallon and natural gas for February delivery gave up less than a penny to settle at $4.287 per 1,000 cubic feet.
In London, Brent crude lost 24 cents to settle at $94.14 a barrel on the ICE Futures Exchange.
