The price of oil hit a fresh 26-month high this morning as ministers from producer nations signalled there were no plans to boost output.
US light, sweet crude rose 27 cents to $91.78 in Asia and London Brent crude rose 44 cents to $94.21.
Some members of the Organization of Petroleum Exporting Countries (Opec) said the group was unlikely to meet until June to discuss production moves.
A blizzard in north-eastern parts of the US has also pushed prices higher.
However, a Christmas Day interest rate rise in China prompted some concerns over growth in the country’s fuel demand.
“China’s interest rate hike is having some impact on the oil markets… because of concerns over how the tightening of monetary policy will impact demand growth,” said ANZ oil analyst Serene Lim.
Oil prices tumbled by 4% when China last raised interest rates in mid-October.
