US oil prices rose above $94 today, supported by signs of economic recovery in the US and China.
Benchmark oil for February delivery was up 56 cents to $94.12 a barrel in electronic trading on the New York Mercantile Exchange.
The contract had dropped 26 cents to finish at $93.56 a barrel in New York on Friday.
Brent crude, used to price international varieties of oil, was up 39 cents to $110.23 a barrel on the ICE Futures exchange in London.
Analysts said that oil prices were rising on signs that the fragile economic recoveries in the world's two biggest economies appeared to be gaining traction. The US housing market has shown steady improvement, while China's trade growth rebounded strongly in December.
Prices were also moving up because of increased energy consumption in China, which is enduring its coldest winter in nearly three decades.
