Crude oil prices cross $88 in Asia

Crude oil prices hurdled $88 in Asia today after hitting 25-month highs the day before as crude inventories unexpectedly fell in the US, analysts said.

New York's main contract, light sweet crude for December delivery, rose 34 cents to $88.15 a barrel.

Brent North Sea crude for delivery in December advanced 15 cents to $89.11.

Oil prices were up after hitting "the highest level in 25 months on yesterday... As crude inventories dipped unexpectedly," said Phillip Futures in a report.

Data from the US Department of Energy released late yesterday showed crude stockpiles in the world's biggest oil consumer easing by 3.3 million barrels in the week ending November 5.

This was a reversal from analyst forecasts of a 1.4 million-barrel build.

Gasoline stockpiles also slid by 1.9 million barrels, more than double forecasts for a 900,000-barrel drop.

Distillates, which include diesel and heating fuel, slumped five million barrels. Analysts had penciled in a far smaller drop of two million barrels.