Oil Breaches $91 a Barrel in Light Trading

Before you go, we thought you'd like these...
Before you go close icon

Oil prices on Tuesday reached the $91-a-barrel mark in light trading as strong demand and limited supply continues to push up prices toward the end of the year.

Oil for February delivery increased 27 cents to $91.27 a barrel in New York Mercantile Exchange trading Tuesday. It had been trading at about $81 a barrel about a month ago.

Sponsored Links
The higher oil prices reflect tightened petroleum inventories and what may be a slight resurgence in the U.S. economy, which is increasing demand. U.S. commercial crude inventories totaled 340.7 million barrels for the week ended Dec. 17, down 5.3 million barrels from a week earlier, the U.S. Energy Information Administration (EIA) said last week.

With demand from countries such as China and India expected to increase next year, oil may surpass the $100 level in early 2011, the Associated Press reported, citing commodities analysts. Higher oil prices are also pushing up gas prices. The national average gas price for regular unleaded is $3.05 a gallon, up about 18% from a year ago, according to AAA.

Read Full Story

Markets

S&P 500 2,191.95 0.87 0.04%
DJIA 19,170.42 -21.51 -0.11%
NASDAQ 5,255.65 4.55 0.09%
DAX 10,513.35 -20.70 -0.20%
HANG SENG 22,564.82 -313.41 -1.37%
NIKKEI 225 18,426.08 -87.04 -0.47%
USD (per EUR) 1.07 0.00 0.00%
USD (per CHF) 1.01 0.00 0.03%
JPY (per USD) 113.50 0.02 0.02%
GBP (per USD) 1.27 0.00 0.01%

From Our Partners