Oil prices rose to near $92 a barrel today, supported by a fall in the dollar to two-month lows.
US crude for February delivery increased by 48¢ to stand at $91.86 a barrel by 05.30 EST, after falling by 16¢ to $91.38 a barrel on Tuesday. London Brent rose by 20¢ to $98 a barrel, after gaining 37¢ to settle at $97.80 a barrel, reports Reuters.
Gains in US crude were capped by the impending restart of Alaska’s main oil pipeline and the suggestion by the International Energy Agency (IEA) that OPEC may have raised its output in response to high oil prices.
Brent prices were aided by concerns about disruptions in North Sea crude supplies.
Shell shut four Brent North Sea oil and natural gas platforms on 15 January 2011 and has not yet announced a restart time.
The IEA raised its 2011 world oil demand growth forecast by 80,000 barrels per day to 1.41 million barrels per day in its monthly report.