Oil was up to over $92 per barrel yesterday in the wake of the Federal Reserve's decision to cut interest rates.
The price of US crude stood at $92.33 per barrel at the close of trading, having risen by 69 cents.
The rise came directly after the Fed cut the base rate of interest by 0.5 per cent in a bid to arrest the anticipated slowdown in the world's leading energy consumer.
Jim Ritterbusch, president of Rittersbusch & Associates, told the Reuters news agency: "I think the market had been discounting a cut of 50 points for the last couple of sessions."
"By and large, most of it had been discounted, but the wording within the report appears supportive to the equity markets and that is just spilling over into the petroleum market at the present time."
News of movements in the market for crude comes as OPEC is this week expected to confirm that it will maintain production levels.
