Brent rallies

January 03, 2013 - 1:28:23 am


NEW YORK: Oil prices rose to near 11-week highs yesterday, joining in a cross-market New Year rally after the US Congress approved a deal to avert tax hikes and spending cuts that many feared would depress economic growth and demand for oil.

Brent February crude was up 75 cents at $111.86 a barrel at 11:09am EST (1609 GMT), back above the 100-day moving average of $111.28. The contract reached $112.90, its highest point since October. US February crude jumped $1.28 at $93.10 a barrel, easily pushing back above the 200-day moving average of $91.90. It reached $93.87, also the highest since October. Reuters