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Oil prices hit new 2014 peaks

Published on Feb 20, 2014 1:34 AM

LONDON (AFP) - The oil market struck the highest level so far this year on Wednesday on the back of US winter weather and geopolitical tensions, but trimmed gains on poor housing data.

New York's main contract West Texas Intermediate (WTI) for delivery in March surged to a four-month high at US$103.34 (S$130.32) a barrel. It later stood at US$102.82, up 39 cents from Tuesday.

Brent North Sea crude for April rallied to US$110.82, its highest point since the start of 2014.

The contract later pulled back to S$110.38 in early afternoon London deals, down eight cents.

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