13 Jan 2011

Price of oil creeping higher

2:49 pm on 13 January 2011

The price of Brent crude oil has touched its highest level since April 2009.

Brent reached $US98.80 per barrel on Wednesday before trimming gains to close up 51 cents at $US98.12 p/b.

The BBC reports two Norwegian oil fields had to close on Tuesday due to a gas leak. Both have since reopened.

Alaskan oil production also continued to be hit by a pipeline leak. US light crude rose 75 cents at $US91.86 a barrel.

The main Trans-Alaska pipeline was closed to all but 5% of its usual output since Saturday.

However, the BBC reports that output through the pipeline was returned to two thirds of its usual level on Wednesday.

The Trans-Alaska pipeline carries almost 12% of US crude output.