Oil remains up near $92 a barrel (Reuters) (13-01-2011)

SINGAPORE – Oil continues on rising on Thursday, near $92 a barrel after U.S. crude stockpiles fell more than expected and a cold snap swept through the U.S. Northeast, the region's largest heating oil market.

European benchmark ICE Brent crude was steady under $100 a barrel, but was off 27-month peaks hit in the previous session.

U.S. crude for February delivery rose 3 cents to $91.88 a barrel by 0840 GMT, after settling up 75 cents at a 27-month high of $91.86 a barrel on Wednesday.

London Brent was up 11 cents to $98.23 a barrel, after rising 51 cents to settle at $98.12 a barrel, having touched $98.85 a barrel earlier, its highest level since October 1, 2008.

Brent's premium to U.S. crude stood at $6.42 a barrel, its highest in 23 months since striking $10.67 a barrel in February 2009.

According to the Energy Information Administration, U.S. oil inventories dropped for the sixth straight week, slashing supplies by 2.15 million barrels in the week ending January 7.

Gasoline and distillate stockpiles rose, while heating oil inventories fell as cold weather boosted demand in the U.S. Northeast and pushed heating oil futures to 27-month highs.

Worries over supply bottlenecks eased, after Alaska's key oil pipeline resumed shipments and started pumping 400,000 barrels per day, almost two-thirds of its normal levels, following a four-day shutdown due to a small leak.

Source: Reuters