Reply #3: Oil rise above $91 in light end-of-year trading

[ozymandius]

Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said.

The volume of trading is expected to spike in the first few weeks of 2011. Several large investment banks have predicted that oil will hit $100 next year as China, India and other emerging economies compete with developed countries and tighten the world's oil supply.

Gasoline prices have been tugged higher this month as oil surged to new two-year highs. The average pump price added less than a penny overnight to $3.049, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 18.9 cents more expensive than it was a month ago and 44.6 cents more expensive than the same time last year.

http://news.yahoo.com/s/ap/oil_prices