December 22, 2010 12:53 PM

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Oil prices up in Asia

Brent crude prices reached new two-year highs in Asian trade today as oil continued rallying on cold weather and bullish energy demand from China.Brent North Sea crude for February delivery rose 29 cents to 93.49 dollars per barrel its highest level since October 2008.The contract had closed at 93.20 dollars yesterday after setting a two-year high in intraday trade. New York's main contract, light sweet crude for delivery in February gained 11 cents to 89.93 dollars.

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