Crude oil futures hit a 2-year high of $94.74 a barrel
24 Dec 2010
Crude oil prices hit a two-year high of $94.74 a barrel in futures trading in London today as commodity prices continued to boil the world over.
Crude oil recorded its fifth straight gain as investors sought cover in commodities and dumped other assets.
North Sea Brent crude for February delivery hit an intra-day high of $94.74 a barrel on ICE futures trading, the highest level since October 2008. The contract closed at $94.57 a barrel, just 32 cents below the peak.
The spike in crude prices was also helped by continued drop in temperatures in the Western hemisphere and rising energy demand in Asia.
Energy demand in China, India and Korea was seen peaking amidst inflationary pressures.
With NYMEX trading closed for Christmas holidays, Brent was trading at a premium to US benchmark light sweet crude on Friday.
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