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Crude oil prices edge further above US$99
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Oil prices edged further up above US$99 yesterday, the first trading day after Christmas, as violence in South Sudan stoked concerns about the country's oil production.
Benchmark US oil for February delivery was up 33 cents to close at US$99.55 a barrel on the New York Mercantile Exchange.
Oil prices gained nearly 3 percent last week as optimism about the US economic recovery lifted expectations for the country's energy demand.
Worries over instability in South Sudan have led some analysts to predict the contract may top US$100 a barrel for the first time since mid-October. On Tuesday, the UN Security Council voted to increase UN peacekeeping forces in conflict-torn South Sudan by nearly 80 percent.
Brent crude, a benchmark for international oils, was up 8 cents at US$111.98 a barrel in London.
In other energy futures trading on Nymex:
—Wholesale gasoline rose 0.58 cent to US$2.82 a gallon.
—Heating oil inched up 1.7 cents at US$3.09 a gallon.
—Natural gas was up 1.7 cents to US$4.43 per 1,000 cubic feet.
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