Brent North Sea crude oil edges towards $100 a barrel

BRENT North Sea crude oil climbed to almost $100 a barrel in afternoon trading yesterday as oil prices continually broke out of their previous ranges to trade above moving averages.

Brent North Sea crude for delivery in February climbed as high as $98.67 (€75.90) per barrel in afternoon deals, after peaking on Wednesday at $98.85 — which was the highest level since early October 2008. The contract later stood at $98.45, up 33 cents from the closing level on Wednesday.

Glen Ward, head of retail derivatives at London Capital Group Holdings Plc, said: “I cannot see any reason why we will not see $100. We have positive moving averages with the price action above them all, and they are all pointing up.