Crude oil fleets around US$92 mark

20-Jan-11

Light, sweet crude futures for delivery in February rose to US$91.91 on the Nymex. Amid higher regional equities and a weaker US dollar vs the euro, crude-oil futures were up as price volatility was limited as the market awaits the US weekly oil inventory report. Gains in US crude could be capped by the impending restart of Alaska's main oil pipeline after a shutdown, as well as a suggestion by the International Energy Agency that OPEC may have raised output in response to high oil prices. Brent crude extended gains on worries over a supply crunch on concerns over disruptions in North Sea crude supplies.