Oil prices rose today to reach near $90 a barrel aided by a fall in US oil and petrol inventories, cold weather in the US and Europe, and thin trading volumes.

US crude for February rose 10¢ to stand at $89.92 a barrel by 02.48 GMT, and ICE Brent crude increased 17¢ to $93.37, reports Reuters.

American Petroleum Institute data indicated a large 5.8 million barrel decline in weekly crude stocks and an unexpected 2.9 million barrel fall in petrol inventories.

Oil prices were also pushed up by the continuing cold spell in northern Europe and the US, which has increased heating fuel demand.

The US Energy Information Service will release its inventory data at 15.30 GMT today.