February crude oil established a higher price high overnight in response to global supply disruptions and prospects of increased global oil demand in 2011. Some traders also suggested that crude oil pricing was supported by a positive macroeconomic tone early this morning with strong global stock markets and a slightly weaker US Dollar. Brent crude oil prices traded out to their highest level in 27 months overnight in response to supply disruptions from two North Sea oil field closures and limited flow at the Trans Alaska Pipeline. However, some of that supply appears to be back on line after reports this morning indicated that the two North Sea oilfields were back in operation, with full capacity expected Thursday. Meanwhile, the EIA released their latest energy market outlook Tuesday that forecasted 2011 global oil demand to increase by 1.45 million barrels per day to a new record level of 88.6 million.
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