Oil prices rise to 27-month high

Oil prices reached a 27-month high after supplies dropped more than forecast as a result of production shutdowns and increasing global energy demand (BBC News/Bloomberg, 13-Jan-2011). Crude oil for Feb-2011 delivery increased by USD 0.75 cents to USD91.86/barrel on the New York Mercantile Exchange, the highest since 03-Oct-2008. Brent crude oil for Feb-2011 settlement increased 0.6% to USD98.16/barrel on the London-based ICE Futures Europe Exchange. The contract reached USD98.85, the highest intra-day price since 03-Oct-2008.