The price of oil has risen by more than $US1 per barrel after indications of strong manufacturing growth in both the United States and the eurozone.
The Institute of Supply Management said US manufacturing grew in December at its fastest pace since May.
US light crude rose by $US1.08 to $US95.8 per barrel, while London Brent rose 94 cents to $US95.83p/b.
Cold weather in Europe and the US has also pushed the price of oil higher in the past few weeks.
The ISM said that its index of manufacturing activity rose to 57 in December, up from 56.6 the previous month.
December was the 17th consecutive month that the sector grew, according to ISM.
In Europe, the Market Purchasing Managers' Index recorded a level of 57.1 for December, up from an earlier estimate of 56.8 and above November's 55.3.
Germany posted the strongest growth.