Brent crude oil rose to a 27-month peak above $99 a barrel this evening, as it continued its push toward $100, while China's move to lift lenders' reserve requirements affected US oil prices.
Brent futures have traded above US crude since August last year, supported by a combination of dwindling North Sea crude supplies and disruption of oil grades priced off it, traders say.
US crude prices were affected by China's move to lift lenders' reserve rate requirements by 0.5 percentage points in its ongoing effort to tame inflation. That was China's seventh increase since early 2010, prompting concern that its appetite for buying oil and other commodities could be curbed.
In London, Brent crude rose 62 cents to $98.68 a barrel, having gone as high as $99.14, its highest level since October 2008. US crude fell 55 cents to $90.85.
China's recent tightening policy has prompted worries that Beijing's appetite for buying oil and other commodities could decrease.
