Extending gains for a straight fourth day at Thursday, oil surpassed $85 a barrel mark in Asian trade mainly after the Fed announced plan to boost US economy.
Light sweet crude for December delivery was seen trading at $85.25 a barrel at 12.00 noon Singapore time while Brent crude was at $ 86.71 a barrel in London.
Analysts said weakened dollar due to Fed moves to buy debt and pump more money into the economy, also contributed to oil s advances.
Dollar traded near a nine-month low against the euro. The dollar weakened about 0.1 percent on Thursday against a basket of currencies.
The U.S. central bank on Wednesday said it would buy around $75 billion in Treasury bonds per month through mid-2011, totaling around $600 billion
On Wednesday, Energy Information Administration said U.S. stocks of gasoline fell by 2.7 million barrels, while distillate fuels, including heating oil and diesel, slid by 3.6 million barrels as the country's refineries cut utilization rates to the lowest since March.
New York's main contract, light sweet crude for December, surged to $84.69 a barrel, up 79 cents from Tuesday. It had earlier reached $85.36, its highest level since May.
London's Brent North Sea crude for delivery in December delivery rallied as high as $86.79 , reaching a level last seen on May 4. It later stood at $86.38, up 97 cents from Tuesday's close.
Light sweet crude for December delivery was seen trading at $85.25 a barrel at 12.00 noon Singapore time while Brent crude was at $ 86.71 a barrel in London.
Analysts said weakened dollar due to Fed moves to buy debt and pump more money into the economy, also contributed to oil s advances.
Dollar traded near a nine-month low against the euro. The dollar weakened about 0.1 percent on Thursday against a basket of currencies.
The U.S. central bank on Wednesday said it would buy around $75 billion in Treasury bonds per month through mid-2011, totaling around $600 billion
On Wednesday, Energy Information Administration said U.S. stocks of gasoline fell by 2.7 million barrels, while distillate fuels, including heating oil and diesel, slid by 3.6 million barrels as the country's refineries cut utilization rates to the lowest since March.
New York's main contract, light sweet crude for December, surged to $84.69 a barrel, up 79 cents from Tuesday. It had earlier reached $85.36, its highest level since May.
London's Brent North Sea crude for delivery in December delivery rallied as high as $86.79 , reaching a level last seen on May 4. It later stood at $86.38, up 97 cents from Tuesday's close.
