London: The price of oil briefly struck a 15-month high close to USD 84 on Tuesday in the wake of positive Chinese energy data and as a cold snap raised demand for heating fuel, analysts said.
New York's main futures contract, light sweet crude for February delivery, hit an intra-day peak of USD 83.95 a barrel.
That was the highest point since October 2008 -- a date that preceded a collapse in prices caused by the global financial crisis.
After its multi-month high, New York crude for February delivery settled back to USD 82.69 a barrel, down six cents compared with Friday's close.
Elsewhere, Brent North Sea crude for February delivery slid 22 cents to USD 81.15 in late afternoon London deals.
"Crude oil prices rose higher to hit a 15-month high following news from China that showed record levels of imports for most commodity products for the end of 2009," said analyst Myrto Sokou at Sucden Financial Research in London.
>"China reported on Sunday an increase of near 25-per cent in crude oil imports for December, compared to the previous month.
"Furthermore, a strong increase of 17.7 per cent year-on-year in exports boosted investors' confidence for China's economic outlook."
Crude futures meanwhile won support on Tuesday also from freezing weather across the northern hemisphere.
Bureau Report
First Published: Tuesday, January 12, 2010, 23:05