LONDON : Oil prices hit another 26-month peak on Friday, lifted by freezing weather and upbeat US data, before pulling lower on profit-taking before the Christmas and New Year break.
At about 0430 GMT, London Brent North Sea crude for February delivery soared to 94.74 US dollars per barrel - the highest point since October 2008.
The contract later stood at 93.86 US dollars, down 39 cents from Thursday's closing level.
New York's main contract, light sweet crude for delivery in February, had rallied 1.03 US dollars to 91.51 US dollars on Thursday, when it struck a similar 2008 peak at 91.63 US dollars. The New York Mercantile Exchange was closed on Friday.
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Createwealth8888:
Historically, Crude oil is the leading indicator of the direction of stocks so what it means that stocks may still have legs to run.
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