LONDON, Dec 23: Oil prices traded close to recent two-year highs on Thursday, as traders continued to absorb news that US crude reserves fell by more than double market expectations last week.
Brent North Sea crude for delivery in February rose eight cents to $93.73 per barrel after soaring on Wednesday to $93.94 — a level last seen in early October 2008.
New York’s main contract, light sweet crude for February, gained 10 cents to $90.58 on Thursday, after touching a similar peak of $90.80 the previous day. The market spiked higher on Wednesday following news of plunging US crude reserves as demand in the world’s biggest oil-consuming nation rises.—AFP
Read more
On DawnNews
Dear visitor, the comments section is undergoing an overhaul and will return soon.