Oil traded near the highest level in four months in New York after posting the longest run of weekly gains since April 2009, lifted by speculation that a global economic recovery will boost fuel demand.
Crude for March delivery was at $95.90 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 10:07 a.m. London time. The volume of all futures traded was 38 percent below the 100-day average. WTI rose 0.3 percent to $95.88 last week and closed at $96.24 on Jan. 22, the highest since Sept. 17.
Brent for March settlement dropped 19 cents at $113.09 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 16 percent below the 100-day average. The European benchmark contract was at a premium of $17.19 to WTI. The gap was $17.40 on Jan. 25.