North Sea crude prices have hit the highest point of the year so far with reports of a surge to punch through the US $77/barrel ceiling.

North Sea oil rose in early Asian trade on Wednesday, on further hopes for a global economic rebound and as the US dollar retreated, the latter forcing a market recalibration in prices given that oil globally is priced in US dollars, traders said.

North Sea crude prices marked time in early Asian trade on Wednesday, digesting the previous day's hefty gains,  with benchmark Brent for October delivery drifting down 12 cents to $69.30 a barrel in Singapore trade at around midday local time on the ICE Futures Exchange.

North Sea benchmark crude oil prices moved up in early Asian trade on Tuesday, with benchmark Brent crude for October delivery rising 46 cents to $66.99 a barrel in Singapore trading at around midday local time on the ICE Futures Exchange.

North Sea oil edged up in early Asian trade on Friday as investors marked time ahead of key economic data from the world's biggest consumer of crude, the United States, which is expected to give more indications on whether its economy is turning away from a recession.

Oil prices fluctuated in early Asian trade on Thursday with North Sea oil slightly down while West Texas Intermediate rose, performances which were mixed following US crude inventory data the previous session which was also mixed in indicating the forward directions of demand for petroleum.

North Sea oil prices gained in Asian trade on Tuesday, attempting to shake off the overnight selloff was driven by a strong fall in Chinese stock markets that made people question the global economic recovery. Latest oil prices were boosted by a rebound in those Chinese shares.

North sea oil drifted lower in early Asian trade on Monday as some renewed doubts resurfaced, pouring oil on troubled waters, about the sustainability of the global economic recovery as Asian stocks retreated - led by a 5% fall in China's benchmark stock index.

North Sea oil was stable at above $72 a barrel in early Asian trade on Friday, as investors weighed more signs of apparent economic green shoots for the world's economy with nagging doubts about whether a recovery could be sustained.

North Sea oil was up in early Asian trade on Wednesday, but investors nonetheless showed caution in the face of an overnight fall and renewed concerns about the state of demand for energy globally.

North Sea crude oil prices surged in early Asian trade on Monday, as investors once more came to the conclusion that the glass was half full and not half empty - and that the global economy was turning a corner and on the path back towards a recovery.

North Sea slipped on Friday in early Asian trade as doubts once more reasserted themselves in the minds of investors about the timing of a global economic recovery because of mixed economic data about the world's biggested energy consumer, the United States.

North Sea oil moved up in early Asian trade on Thursday on reborn confidence among investors that global demand was on the up, as the previous day's unexpected drawdown in US inventories - a bullish sign to the market - continued to add positive momentum to buying.

North Sea oil rose above $72 a barrel in early Asian trade on Wednesday, spurring by encourage new inventories data from the world's biggest energy consumer, the US.

North Sea crude prices remained above $70 a barrel in early Asian trade on Tuesday as investors continued to search for clues about the future direction of the world economy and energy consumption patterns.

Swedish producer Lundin Petroleum AB is predicting higher global oil prices, with the group saying it continues to see positive signs indicating the startof an economic recovery following last year's financial crisis.

North Sea oil prices inched up in early Asian trade on Monday as investors looked for further signs of an improvement in global sentiment.

North Sea oil sludged lower in early asian trade on Wednesday, giving up earlier ground achieved after a surprise drawdown in US crude inventories, in a move that traders said marked a pause for breath after a rally that helped the market to add 13% since late last week.

North Sea oil surged again in early Asian trade on Tuesday, as the twin effects of geopolitical volatility which threatened production in Nigeria and the currency effect of a softer US dollar both played into the hands of bullish investors.

North Sea oil drifted lower in early Asian trade on Monday as investors mulled the state of the US economy, the world's biggest energy consumer, with more macro economic data due out later in the week which is expected to point the way forward.

North Sea oil surged beyond $70 a barrel in early Asian trade on Friday - extending overnight gains - as investors returned to the tables and bet that global economic recovery was on the way back despite mixed macro signals.

North Sea oil prices moved back in early Asian trade on Thursday on more caution from investors, support undermined by ambiguous signs about demand for crude oil from the weekly US inventory report as well as mixed trading overnight on US equities markets, traders said.

North Sea came under selling pressure in early Asian trade on Tuesday after investor expections of a global economic recovery swung into doubt again. Confidence was shaken by an international equity market selloff, after the World Bank came out with predictions for a deeper recession in 2009 that previously thought.

North Sea crude stayed over $71 a barrel in early Asian trade on Friday, with investors banking that the global economic rebound has legs and will remain in place. Benchmark Brent for August delivery inched up 15 cents to $71.21 a barrel in Singapore.

North Sea crude oil prices retreated again on Tuesday in early Asian trading on the back of global equity markets and a US dollar which gained in strength, traders and analysts said.

Oil prices held at around $72 a barrel on Friday in early Asian trade - near an eight month high - consolidating week of massive gains on the back of more macro data which suggested that the global economy was beginning to emerge from a sharp economic recession and that energy consumption would rise as a result.

North Sea oil continued its upward push on Thursday with benchmark Brent crude for July delivery up at $71.41 a barrel at 11.16 hrs Norwegian time - up 61 cents on the close last night - and with Norwegian oil traders predicting that oil could go still higher in the short term.

North Sea oil hovered around $66 a barrel in early Asian trade on Thursday, as the heat came off the recent spirited run-up in prices on the back of more data from the US which suggested oil price fundamentals were not fully supportive of the bulls.