Crude prices rise on interest rate concerns

Crude oil prices were higher again on Thursday after comments from US Federal Reserve chairman Ben Bernanke indicated that interest rates could fall further, and on new data showing that the US traded deficit narrowed in December and for the full year in 2007.

Also sending prices higher was the confirmation of an earlier US judicial ruling to freeze $300 million dollars in assets belonging to Venezuela’s state-owned oil company.

The decision came after a UK court froze up to $12 billion in the company’s assets as part of a court action brought by ExxonMobil (NYSE: XOM) to try to recover losses sustained when the South American nation nationalized some oil projects.

West Texas Intermediate crude for March delivery had added $2.08 to $95.35 per barrel by near the close of floor trade on the New York Mercantile Exchange while March contracts for Brent crude were $1.64 higher to $94.96 per barrel.

Nymex March gasoline was up 5 cents to $2.44 per gallon while March heating oil added 2 cents to $2.64 per gallon and April natural gas gained 39 cents to $8.82 per million British thermal units.