NEW YORK (Commodity Online) : World oil prices are all set to break the $100 mark early in 2011 after rising more than 12 percent last year buoyed by rising hopes for stronger global demand, analysts said. Over the course of the year, the New York contract has climbed 15 per cent and Brent soared 22 per cent. New York's main contract, light sweet crude for February, closed at $91.38 a barrel, up a hefty $1.54 from Thursday. In London, Brent North Sea crude for delivery in February settled $1.66 higher at $94.75 a barrel. The benchmark New York futures contract, which had opened lower, rallied sharply in the final minutes of trade to hit 92.06 dollars, a price unseen since early October 2008. Brent peaked at 95.20 dollars, its highest level since the same period. Oil prices rode out 2010 at highs last seen more than two years ago in New York. The price of oil is poised for another run at $100 a barrel after a global economic rebound sent it surging 34 percent since May. Global demand surged in the third quarter of 2010, led by China and emerging markets, according to the International Energy Agency, which advises the U.S. and other industrialized nations on energy. The agency raised its oil demand forecast in December, and now expects demand next year to grow by 1.3 million barrels a day, adding to the rise in 2010 of 2.5 million barrels a day. Crude prices this week have been boosted by the extreme cold weather and blizzards across the northern hemisphere, with households using more heating oil. The New York oil price, which had wobbled for much of the year between 70 and 80 dollars, broke out of that band a few months ago, spurred by a weakening dollar, positive demand outlooks and the extreme winter weather in the US and Europe

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