23-Dec-2010 10:29 AM

Crude oil rises to highest level in more than two years

Crude oil prices rose to the highest level in more than two years on 22-Dec-2010 (Bloomberg, 23-Dec-2010). Crude oil for Feb-2011 delivery rose 0.7% to USD90.48/barrel on the New York Mercantile Exchange, the highest settlement since 03-Oct-2008. Prices have increased 14% this year. Brent crude oil for Feb-2011 settlement advanced 0.5% to USD93.65/barrel on the London-based ICE Futures Europe exchange. It was the highest settlement price since 01-Oct-2008. Prices were boosted by positive US GDP data and a US Department of Energy report that revealed US stockpiles fell 5.33 million barrels to 340.7 million last week. Crude inventories have declined for a fourth consecutive week.