Oil near to 2-yr high on cold, risk appetite

Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and no signals from OPEC it was prepared to arrest the rally.
European benchmark ICE Brent crude for February hit $94.74 a barrel, its highest level since October 2008, before easing to around $93.90 by 1115 GMT in thin trade.

Global benchmark U.S. crude futures, which hit a 26-month high of $91.63 on Thursday, did not trade on Friday with the NYMEX floor closed for the Christmas holiday.
With the continuous commodity Index posting new all time highs and the S&P rising on supportive breadth, it is difficult not to maintain our bullish commodity and equity outlook heading into the first quarter of 2011," Barclays Capital said in a note.
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