Oil prices hit another 26-month peak this morning, lifted by freezing weather and upbeat US data, before pulling lower on profit-taking before the Christmas and New Year break.
London Brent crude earlier soared to $94.74 a barrel - the highest point since October 2008 – before slipping to $93.86 at lunchtime. This was down 39 cents from Thursday’s close. US crude had rallied $1.03 to $91.51 on Thursday. The New York Mercantile Exchange was closed on Friday.
This week, icy weather across Europe and north-eastern US states - which forecasters said would last until the end of the year - lifted prices because it boosts demand for heating oil.
The market also spiked higher following Wednesday's news of plunging US crude reserves as demand in the world's biggest oil consumer rises.
