Singapore: World oil prices rose slightly in quiet Asian trade today after the US Thanksgiving holiday. In late morning trade, New York's main contract, light sweet crude for January delivery, was seven cents higher at 97.36 dollars a barrel.

The contract hit an historic intra-day high of 99.29 dollars on Wednesday, putting it in sight of the symbolic 100-dollar level. Brent North Sea crude for January delivery rose 15 cents to 94.78.

The contract struck an all-time intra-day peak of 96.53 dollars on Wednesday. Jason Feer, of energy market analysts Argus Media Ltd, said that with New York floor trading closed there was "thin volume and no real news that would ve drawn people in."

Crude oil prices have surged by about 64 per cent since the start of 2007,supported by supply disruptions in key producers such as Nigeria, geopolitical jitters over the Iranian nuclear crisis and strong demand from China and India. Oil prices were also winning support from a troubled dollar, which has struck a series of record low points against the surging euro.

A weak greenback encourages demand for dollar-priced commodities because they become more attractive to investors using stronger currencies. Feer said another factor has been the entrance of fresh funds into the market.

"You do have a lot of people chasing returns," he said, adding that market fundamentals are also supporting prices. "I think everybody continues to be surprised about the continuing robust demand growth that you are seeing in some of the emerging markets and even in the US," he said.

Source : PTI