Oil prices advance on weaker dollar

While the price of WTI will probably appreciate relative to Brent over the next 12 months, the contract itself has lost its relevance as a marker for global oil markets For the first year since the futures were created, Brent crude is poised to overtake West Texas Intermediate oil as the world’s most-traded commodity.

World oil prices steadied on Thursday as some traders took profits from bumper gains the previous day when the market had spiked higher after Iran warned it could slash exports to six EU nations.Brent North Sea crude for April delivery firmed five cents to $118.98 per barrel in midday London deals, having soared on Wednesday to $119.99 -- the highest level since early August 2011.New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, fell 52 cents to $101.28.

Brent crude dropped below $100 a barrel for the first time since July on signs global economic growth will slow, curbing fuel use. West Texas Intermediate oil slipped to a four-month low on speculation U.S. stockpiles rose.

World oil prices rose on Thursday after German lawmakers approved an expansion of the eurozone's rescue fund, easing concerns over the region's debt crisis, which is weighing on energy demand.New York's main contract, West Texas Intermediate (WTI) for delivery in November, added 56 cents to $81.77 a barrel.Brent North Sea crude for November increased by $1.07 to stand at $104.88.Germany's parliament passed a beefed-up rescue fund for stricken eurozone countries by a large majority on Thursday in a vote seen as crucial to stem financial market turmoil.

West Texas Intermediate crude fell for the first time in four days before government data that may show U.S. stockpiles rose from an 82-year high. Saudi Arabia increased production to the most in five months.

World oil prices diverged on Thursday as investors booked profits following recent gains, analysts said.New York's main futures contract, light sweet crude for delivery in July, shed 44 cents to 77.23 dollars a barrel.Brent North Sea crude for August delivery climbed 38 cents to 78.52 dollars a barrel in early afternoon London trade."Oil pricing has been rallying for the past couple of days in line with the rally in equities and after these gains, investors are inclined to book some profits," said Victor Shum, an analyst for Purvin and Gertz energy consultancy.

Oil prices climbed slightly on Tuesday, the day before an OPEC output meeting which may decide to increase crude supplies despite faltering energy demand, according to analysts.Brent North Sea crude for delivery in July rose 27 cents to $114.75 a barrel in early London trade.New York's main contract, light sweet crude for July, gained 14 cents to $99.15 a barrel.The Organization of the Petroleum Exporting Countries (OPEC), whose dozen member countries together pump 40 percent of the world's oil, meets on Wednesday in Vienna.

World oil prices rose Thursday on the back of unrest in the crude-rich Middle East and North Africa, while traders kept an eye on the fast-moving Japanese nuclear crisis, analysts said.New York's main contract, light sweet crude for delivery in April, known as West Texas Intermediate (WTI), rose $1.53 to $99.51 per barrel.In London midday trade, Brent North Sea crude for April gained $1.85 to $112.45.The market reversed earlier losses as Middle Eastern tensions came to the fore, said Victor Shum, senior principal for Purvin and Gertz energy consultants in Singapore.