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12 January 2011
Last updated at 15:08 ET
The price of Brent crude oil has touched its highest level in 27 months, as a result of production shutdowns and increasing global energy demand.
In trading in London, Brent was up $1.11 to $98.72 a barrel, after earlier hitting $98.80, its highest level since April 2009.
The rise came after 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.
This has now caused the US state's main Trans-Alaska Pipeline to be closed to all but 5% of its usual output since Saturday.
US light crude oil was up 92 cents to $92.03 in Wednesday trading.
Commerzbank oil analyst Carsten Fritsch said Brent was now expected to hit $100 a barrel.
He added: "It seems only a matter of time, if sentiment remains positive and more disruptions on the supply side come in."
The Trans-Alaska Pipeline is important because it carries almost 12% of US crude output. It is due to reopen later this week.
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In trading in London, Brent was up $1.11 to $98.72 a barrel, after earlier hitting $98.80, its highest level since April 2009.
The rise came after 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.
This has now caused the US state's main Trans-Alaska Pipeline to be closed to all but 5% of its usual output since Saturday.
US light crude oil was up 92 cents to $92.03 in Wednesday trading.
Commerzbank oil analyst Carsten Fritsch said Brent was now expected to hit $100 a barrel.
He added: "It seems only a matter of time, if sentiment remains positive and more disruptions on the supply side come in."
The Trans-Alaska Pipeline is important because it carries almost 12% of US crude output. It is due to reopen later this week.
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