Oil rose to near $99 a barrel today amid strong prices for heating fuel and supported by rising tensions in the Middle East.
US crude futures for April delivery rose 63 cents to $98.86 a barrel by 14.12pm, resuming its climb after sliding yesterday on rising US crude and gasoline stockpiles.
London Brent crude rose 81 cents to $97.05 a barrel.
The premium of ICE gas oil futures to Brent crude, known in the industry as cracks, rose as high as $19.890 a barrel, the strongest level since mid-October 2005, a sign that supply of the product is tight at a time of intensifying cold weather.
Oil's March contract hit a record high of $101.32 on Wednesday, taking it near its all-time inflation-adjusted high of $102.53 hit in April 1980.
However, prices fell yesterday after official US data showed a sharp 4.2 million-barrel build in crude stockpiles last week, the sixth straight week of gains and nearly double forecasts, and gasoline stocks also rose to a 14-year high.