14 Jan '11, 9pm

Oil surges close to US$100 per barrel

NEW YORK: Oil prices moved higher in New York on Friday after Brent crude passed the $99 mark for the first time in two years in London trading. At the New York Mercantile Exchange a barrel of light sweet crude for delivery in February rose to $91.54 a barrel, 14 cents higher than the close on Thursday. "The barrel hit a new low at $90.10 dollars and then rallied. If the Brent hits $100 we're gonna try to make new highs," said Rich Ilczyszyn of Lind-Waldock. In London Brent North Sea crude for delivery in February hit $99.20 in volatile but thin pre-weekend trade, touching the highest level since October 1, 2008. It later dropped back off to $98.68 a barrel, up 62 cents from Thursday's closing level, analysts said. "London's benchmark Brent crude touched on highs above $99 ahead of February expiry on Friday," VTB Capital analyst Andrey Kryuchenkov told AFP. "It is because ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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