LONDON (SHARECAST) - Crude oil futures closed at a two-year high, as the dollar weakened against major currencies and good gains on Wall Street encouraged buyer appetite.
Crude oil futures for February delivery settled up 75 cents to $91.86 a barrel on the New York Mercantile Exchange.
Oil prices were also pushed higher by the latest US government stockpile data. The Energy Department said crude inventories fell for the sixth week running by 2.2m barrels to 333m in the week ended 7 January.
Gasoline stockpiles rose a bigger than expected 5.08m barrels to 223.2m, the biggest rise in September 2009, the report said. Meanwhile distillates, which include heating oil and diesel, rose 2.65m barrels to 164.8m.
Gold for February ended the day up $1.50 to $1,385.80 an ounce on the Comex division of the New York Mercantile Exchange as the dollar softened against major currencies.
The yellow metal reversed earlier losses after Portugal’s successful bond auction dampened safe haven interest.
Following the bond sale Portuguese Prime Minister Jose Socrates reiterated that the country did not need external financial help.
