Bloomberg reported that oil traded close to its peak level in four months on signs of U.S. economic growth and as OPEC Secretary General Abdalla El-Badri announced that oil prices will likely not drop this year.
As quoted in the market news:
Crude for March delivery was at $96.72 a barrel, up 28 cents, in electronic trading on the New York Mercantile Exchange at 1:22 p.m. Singapore time. The average volume of all contracts traded was 50 percent below the 100-day average. Futures rose to $96.44 yesterday, the highest since Sept. 17.