Global oil prices continued their northern journey Wednesday as energy demand expected reach record levels amid freezing weather in Europe and the United States.
Light sweet crude for February delivery was seen trading at $89.98 a barrel at 12.00 noon Singapore time while Brent crude was at $ 93.51 a barrel in London.
Colder weather in the European continent and northeastern United States has boosted expectations for heating fuel demand ahead of the Christmas break, helping push up oil prices.
Oil prices were also supported by chilly weather in northern Europe and the United States, which has increased heating fuel demand. U.S. heating oil demand was expected to average 4.6 percent above normal this week.
Analysts also attributed oil s rally for the fourth consecutive day to signs of economic recovery in the US.
American Petroleum Institute data released late on Tuesday in the U.S. showed a large 5.8 million barrel decline in weekly crude stocks, surpassing analyst expectations.
The US Department of Energy will release its own oil-inventory report in Washington Wednesday.
The U.S. dollar fell slightly against a basket of currencies. A weaker greenback supports dollar-denominated commodities such as oil, making it cheaper for those holding other currencies.
On Tuesday, New York's main contract, light sweet crude for February, added 45 cents to $89.82 while Brent crude for delivery in February jumped to $93.43 per barrel - the highest level since October 2008. It later stood at $93.20 , up 46 cents from Monday's closing level.
Light sweet crude for February delivery was seen trading at $89.98 a barrel at 12.00 noon Singapore time while Brent crude was at $ 93.51 a barrel in London.
Colder weather in the European continent and northeastern United States has boosted expectations for heating fuel demand ahead of the Christmas break, helping push up oil prices.
Oil prices were also supported by chilly weather in northern Europe and the United States, which has increased heating fuel demand. U.S. heating oil demand was expected to average 4.6 percent above normal this week.
Analysts also attributed oil s rally for the fourth consecutive day to signs of economic recovery in the US.
American Petroleum Institute data released late on Tuesday in the U.S. showed a large 5.8 million barrel decline in weekly crude stocks, surpassing analyst expectations.
The US Department of Energy will release its own oil-inventory report in Washington Wednesday.
The U.S. dollar fell slightly against a basket of currencies. A weaker greenback supports dollar-denominated commodities such as oil, making it cheaper for those holding other currencies.
On Tuesday, New York's main contract, light sweet crude for February, added 45 cents to $89.82 while Brent crude for delivery in February jumped to $93.43 per barrel - the highest level since October 2008. It later stood at $93.20 , up 46 cents from Monday's closing level.
