World oil prices climbed close to another two-year peak this evening as the euro strengthened against the dollar and traders absorbed news of a shock increase in US jobless claims.
Brent crude climbed as high as $98.67 a barrel at one point. This evening, it stood at $98.45, up 33 cents from the closing level on Wednesday. US crude added 36 cents to $92.22.
The euro jumped above $1.33 today, thanks largely to successful Italian and Spanish bond auctions, European Central Bank comments and poor US data. A weaker dollar boosts dollar-priced crude oil, which becomes cheaper for buyers using stronger currencies. In turn, that tends to stimulate demand and push prices higher.
Oil had rallied for a third straight day on Wednesday, climbing in London to more than two-year highs, as the key Alaskan pipeline remained shut following a weekend leak.
The market also gained support from data showing that crude oil stockpiles fell by more than expected in the United States, the world's biggest oil-consuming nation.
Some traders believe that oil could soon strike $100 a barrel for the first time since October 2008.
