Oil prices moved up in New York on Friday, after Brent crude oil passing U.S. $ 99 mark for the first time in two years in London trading.
On the New York Mercantile Exchange (NYMEX) per barrel of light sweet crude for February delivery rose to 91.54 dollars per barrel, 14 cents higher than the closing on Thursday.
"Barrel reached new lows at 90.10 dollars and then rallied. If Brent reached $ 100 we will try to make new highs," said Rich Ilczyszyn from Lind-Waldock.
In London Brent North Sea crude oil for February delivery reached 99.20 dollars in pre-weekend trading is volatile but thin, touching its highest level since October 1, 2008.
Oil prices then declined again to 98.68 dollars per barrel, up 62 cents from the closing level on Thursday, analysts said.
"London's benchmark Brent crude oil touched highs above 99 dollars ahead of the expiration of the contract in February on a Friday," said analyst VTB Capital, Andrey Kryuchenkov.
"That's because this is the last day of trading for the contract in February, and the market rolling into March," he added, and also pointed to thin trading volume.
U.S. markets start out with a weakened after China said Friday, would increase the amount of money lenders must have to keep in reserve, the last in a series of measures aimed to curb high inflation.
Some experts are now predicting oil will soon reach 100 dollars for the first time since late 2008.
"Brent crude pushed close to 100 dollars because of increased consumption supported winter weather in Europe and the abundance of supply (of crude oil in New York)
have pressed the U.S. price, so that European prices had jumped more than U.S. counterparts, "said CMC Markets analyst Michael Hewson.
He added: "The rise in crude oil prices has prompted some speculation that we can also see the price of 100 dollars immediately."
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