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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Oil jumps to highest levels since 2008 AFP - Thursday, December 23 Send IM Story Print Oil jumps to highest levels since 2008 NEW YORK (AFP) - – Oil prices spiked to fresh two-year highs on Wednesday as traders reacted to news of plunging crude reserves in the United States. New York's main contract, light sweet crude for February, reached 90.80 dollars a barrel, its highest level since October 2008, before pulling back slightly to 90.48 dollars, 66 cents up from Tuesday's close. Brent North Sea crude for delivery in February, jumped to 93.94 dollars per barrel -- the highest level since October 2008. It later stood at 93.65 dollars, up 45 cents from Tuesday. The US Department of Energy (DoE) announced Wednesday that American crude stocks dived by 5.3 million barrels in the week to December 17. That was more than double market expectations for a drop of 2.3 million barrels and indicated strengthening energy demand in the world's biggest economy. Gasoline (petrol) reserves rose 2.4 million barrels, the DoE added. That was greater than market expectations for a gain of 900,000 barrels. Prior to the news on Wednesday, oil prices were already trading at two-year peaks on the back of cold weather in the northern hemisphere, the weak dollar and bullish Chinese energy demand, analysts said. "The prolonged cold snap in Europe and the US northeast is still supportive," said VTB Capital commodities analyst Andrey Kryuchenkov. Icy weather across Europe and northeastern US states -- which forecasters said would last until the end of the year -- lifted prices as demand for heating oil increased. "Oil prices remain supported on cold weather and strong demand indications, with Chinese oil demand, along with gasoline, diesel and jet fuel demand, surging to record highs in November," Barclays Capital said in a report. Chinese oil consumption data for November released Tuesday came in at "a record high of 9.33 million barrels a day (mdb)," the Barclays Capital report stated. The level was "up a phenomenal 1.145 mbd (14 percent) year-on-year, the strongest year-on-year growth rate since February this year," it said. "The fourth quarter has seen an acceleration of Chinese oil demand growth once again. "To state that Chinese oil demand has surprised to the upside this year is a no-brainer but we have a strong suspicion that upside surprises and the resultant global demand upgrades have not yet run their full course," the report added. Recommend Send IM Story Print News Search Top Stories Greek lawmakers approve 2011 austerity budget Lille Christmas champions, 10-man PSG hit by Hadji double Oil jumps to highest levels since 2008 Indonesia's dragons draw tourists to 'Jurassic' islands Time Magazine honors AFP photographer More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fears grow of euro-style debt crisis in US states Zsa Zsa Gabor's husband glues own eye shut 'World's first' glasses-free 3D TV hits Japan US gets tough on shark fins Biting winters driven by global warming: scientists More Most Viewed » Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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