The price of February crude rose $1.54 to $91.38, unable to extend a 2-year peak of $91.88 set earlier this week. However, weakness in the dollar helped crude snap back from early losses after testing $89 a barrel.

The dollar was hammered today, slipping to a 3-week low of $1.3415 against the euro.

Crude was up roughly 13%, or more than $10, in 2010, helped by a strong rally in December. Today's closing mark represents the highest year-end settlement since 2007.

US crude stockpiles of crude have been dwindling in recent weeks due to increased demand amid very rough winter weather.

The EIA said Thursday that crude oil inventories decreased by 1.3 million barrels and gasoline stocks dipped by 2.3 million barrels in the week ended December 24. Analysts were expecting crude oil inventories to dip by 2.85 million barrels and gasoline stocks to move up by 1.5 million barrels.

Meanwhile, OPEC officials have signaled they are not overly concerned that $100 oil could derail the global recovery.

Commodities ran up almost 30% in the past six months amid hopes that a global economic recovery will kick into high gear in 2011.

by RTT Staff Writer

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