Brent oil hits 27-month high

08:52, January 14, 2011      

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Oil has risen after production shutdowns, falling U.S. inventories and growing demand sent Brent crude towards 100 U.S. dollars a barrel for the first time since 2008.

Disruptions from Alaska and Norway worsened supply concerns, and cold weather in Northeastern U.S. fed demand for heating oil. Crude's rise was part of wider gains across commodities, and has raised concerns about the impact of higher fuel costs on the tenuous economic recovery.

Overall, U.S. crude supply, especially along the Gulf Coast, have been on the decline. Meanwhile gasoline and distillate stockpiles have increased. And heating oil inventories fell on demand, which also pushed heating oil futures to 27-month highs.

Investors believe the oil rush to 100 dollars is somewhat disconcerting, but is unlikely to immediately slow the world economy.

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