Crude oil closed up after hitting a two-year high

First trading day of 2011, the New York Mercantile Exchange crude oil futures soared to a two-year high, subject to market conditions on the U.S. economic recovery, promote optimism, but later in the trading day price of oil gave up some gains.

February crude oil futures contract settled up 17 cents to $ 91.55 a barrel, or 0.2%. The contract had earlier hit an intraday high of $ 92.58 per barrel for October 2008 since the highest level.

ICE Brent crude settled up 9 cents to $ 94.84 a barrel, or 0.1%.

Investors generally believe that the U.S. economy in 2011 will show a long-awaited acceleration of growth, which makes the expected expansion in demand on energy to heat up.

This week traders will pay close attention to the U.S. Department of Energy is scheduled for 10:30 am EST on the 5th to the latest report on oil and fuel inventories. In addition, the American Petroleum Institute will also publish the 4, 4:30 pm Institute of own energy inventory data.