Crude prices soar in Asian trade

Crude oil hit a two-year peak on Tuesday, boosted by volatile thin trade, the weak dollar and freezing weather in Europe and the United States, traders said.Brent North Sea crude for delivery in February, jumped to 93.04 dollars per barrel at about 0200 GMT. That was the highest level since October 2008.In early afternoon London trade, Brent oil stood at 92.81 dollars, up seven cents from Monday's closing level.New York's main contract, light sweet crude for February delivery, gained 15 cents to 89.52 dollars.

World oil prices, which have soared about 70 percent this year on global economic recovery signs, rose on Thursday as solid US demand underpinned the last trading day of 2009, analysts said.New York's main futures contract, light sweet crude for delivery in February, struck 80 dollars per barrel exactly. It later pulled back to 79.96, up 68 cents from Wednesday's close.Brent North Sea crude for February gained 29 cents to reach 78.32 dollars in afternoon London trading.

Oil prices were mixed in quiet Christmas eve trade in Asia, coming off two-year highs buoyed by upbeat US consumer confidence figures, analysts said.New York's main contract, light sweet crude for delivery in February, shed 13 cents to 91.38 dollars per barrel after hitting 91.63 dollars in intraday trade on Thursday, its highest level since October 2008.Brent North Sea crude for February delivery advanced 18 cents to 94.43 dollars. Its price had soared to 94.54 dollars in intraday trade Thursday -- a level also last seen in early October 2008.

Oil prices were up in Asian trade on Monday as a strengthening euro lifted the market, analysts said.New York's main futures contract, light sweet crude for delivery in July, gained 96 cents to 74.74 dollars a barrel in the afternoon.Brent North Sea crude for July delivery advanced 92 cents to 75.27 dollars.A strengthening euro fuelled the surge in oil prices, analysts said."The euro is up, close to 1.22... I think that's the driver," said Clarence Chu, an oil trader with Hudson Capital Energy in Singapore.

Crude rallied to another new two-year peak Wednesday on the back of cold weather in the northern hemisphere, the weak dollar and bullish Chinese energy demand, analysts said.Brent North Sea crude for delivery in February, jumped to 93.79 dollars per barrel -- the highest level since October 2008. It later stood at 93.60 dollars, up 40 cents from Tuesday's closing level.New York's main contract, light sweet crude for February delivery, gained 36 cents to 90.18 dollars.

Crude prices were higher in Asian trade on Tuesday as freezing weather in the northern hemisphere and an expected hike in gasoline demand during the Christmas holidays drove markets, analysts said.New York's main contract, light sweet crude for February delivery, gained nine cents to 89.46 dollars.Brent North Sea crude for delivery in February rose 11 cents to 92.85 dollars a barrel in London trade.

World oil prices pulled back from six-week lows on Monday to stand above 74 dollars, helped by a weaker US currency, analysts said.New York's main contract, light sweet crude for delivery in October, gained 25 cents to reach 74.07 dollars a barrel.Brent North Sea crude for October rose 34 cents to 74.60 dollars in early afternoon London trade."Crude oil prices rebounded from a six-week low ... supported by a weakening US dollar," said Sucden Financial analyst Myrto Sokou.

World oil prices were higher on Thursday, winning support from firmer equities and the weaker dollar after recent falls that were sparked by downbeat news in key consumer the United States.New York's main contract, light sweet crude for delivery in September, climbed 29 cents to 77.28 dollars a barrel.Brent North Sea crude for September gained 28 cents to 76.34 dollars in early afternoon London deals.Analysts said the weaker dollar spurred some buying because oil is traded in the US currency, making the commodity cheaper for holders of stronger units.