Oil prices remained on the rise on Monday after reaching new two-year highs, propelled by the expectation for high demand amid ongoing cold weather in Europe and the United States.
New York's main contract, light sweet crude for January, hit a peak at 89.76 dollars, before pulling back to close at 89.38, up 19 cents from Friday.
In London, Brent North Sea crude for delivery in January soared as high as 92.03 dollars per barrel, which was the best level since October 2008. It settled three cents higher at 91.45 dollars.
"We're expecting higher demand because of the cold weather in Europe and parts of the United States," said Bart Melek, BMO Capital Markets.
The rise in oil prices was countered by the US dollar's strengthening against key currencies, which makes dollar-traded commodities such as oil more expensive for investors, Melek said.
Crude futures surged Friday as traders largely ignored disappointing US employment numbers in favor of a slumping US dollar.
