19 Jan 2013

Oil prices rise

5:01 pm on 19 January 2013

World oil prices are higher following an attack on a beseiged Algerian gasfield amid fighting in neighbouring Mali.

Brent North Sea crude for delivery in March climbed 73 cents to $US110.41 a barrel in late London trading on Thursday.

AAP reports New York's main contract, light sweet crude for February, gained $US1.05 to $US95.29 a barrel.

Prices were being supported also by indications of rising demand for crude in the United States.

A report by the US Energy Administration on Wednesday said American oil stockpiles dropped by one million barrels in the week to 11 January.