Crude oil prices hover around USD90.91

Oil prices remained steady in New York trades with US fiscal policy talks still showing significant differences. There was not significant change West Texas Intermediate futures prices. Crude for February delivery was at USD90.91 a barrel, up 11 cent from the previous close of $90.80, in electronic trading on the New York Mercantile Exchange at 4 p.m. in Singapore. Prices had dropped by 0.5% in early trade. Brent oil for February settlement on the London-based ICE Futures Europe exchange was at $110.40 a barrel, down 22 cents. Earlier it had fallen 49 cents at 4.12 am after hitting a low of USD110.08 in early session. The contract climbed 1.5 percent last week. The European benchmark crude was $19.53 more expensive than New York futures. West Texas crude has declined 8% in 2012 as the US shale boom deepened a glut at Cushing, Oklahoma, America's biggest storage hub and the delivery point for the New York contract, according to reports. This slide has left it at an average $17.44 a barrel below Brent this year, compared with a premium of about 95 cents in the 10 years through 2010. Brent, the benchmark grade for more than half the world's crude, has increased 2.8% this year, headed for its fourth annual gain. US crude production rose to 6.984 million barrels a day, the highest since 1993, in the week ended December 21, according to the Energy Department report two days ago.