Oil prices fell slightly on Wednesday, Dec. 29, after reaching $91.88 per barrel on Monday, the highest mark in 26 months.
Brent North Sea crude set for delivery in February 2011 fell by 28 cents to 94.10 dollars per barrel in London trading, while on the New York Mercantile Exchange, light, sweet crude oil for February delivery dropped from an overnight peak of $91.53 per barrel to $90.99, according to AFP and UPI.
"We're seeing light long liquidation before the end of the year, a day after crude showed amazing resilience, switching courses in the middle of the stream," Peter Beutel, president of energy consulting firm Cameron Hanover, told Reuters.
The oil prices hit a high as Sunday’s major blizzard in the Northeast and similar cold temperatures in Europe pushed up demand.
However, the peak was subsequently lowered by China's announcement it would lower interest rates, which threatened to slow demand in the world’s second-largest oil consumer, according to Reuters.