World oil prices advanced further Friday ahead of Christmas holidays as reappeared cold storms in Europe and the US continued to support the black gold.
London s Brent crude was seen trading at $94.69 a barrel at 7.00 a.m London time after hitting as high as $94.75 in early trade. Nymex will remain closed till Dec 27 for Christmas holidays.
Analysts also attributed oil s fifth day in a row advancement to rising inflation that made investors favor commodities over other asset classes.
Oil posted its longest rising streak in six weeks as heavy snow struck northern France, raising expectations fuel demand will increase. Oil also traded near the highest in two years after confidence among U.S. consumers rose.
On Thursday, oil prices touched two-year highs, supported by continued cold weather in Europe and North America and positive US economic indicators.
New York's main contract, light sweet crude for February, gained $1.03 to $91.51 per barrel in the fifth straight day of gains. Earlier, it had reached $91.63 , its highest level since October 2008.
Brent North Sea crude for delivery in February rose 60 cents to $94.25 per barrel after soaring to $94.54 a level also last seen in early October 2008.
London s Brent crude was seen trading at $94.69 a barrel at 7.00 a.m London time after hitting as high as $94.75 in early trade. Nymex will remain closed till Dec 27 for Christmas holidays.
Analysts also attributed oil s fifth day in a row advancement to rising inflation that made investors favor commodities over other asset classes.
Oil posted its longest rising streak in six weeks as heavy snow struck northern France, raising expectations fuel demand will increase. Oil also traded near the highest in two years after confidence among U.S. consumers rose.
On Thursday, oil prices touched two-year highs, supported by continued cold weather in Europe and North America and positive US economic indicators.
New York's main contract, light sweet crude for February, gained $1.03 to $91.51 per barrel in the fifth straight day of gains. Earlier, it had reached $91.63 , its highest level since October 2008.
Brent North Sea crude for delivery in February rose 60 cents to $94.25 per barrel after soaring to $94.54 a level also last seen in early October 2008.
