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Crude comes off its highs

Singapore - Oil prices were mixed in quiet Christmas Eve trade in Asia, coming off two-year highs buoyed by upbeat US consumer confidence figures, analysts said.

New York's main contract, light sweet crude for delivery in February, shed 13 cents to $91.38 per barrel after hitting $91.63 in intraday trade on Thursday, its highest level since October 2008.

Brent North Sea crude for February delivery advanced 18c to $94.43. Its price had soared to $94.54 in intraday trade on Thursday - a level also last seen in early October 2008.

Crude prices were being supported "as confidence among US consumers advanced to six-month highs, signalling more fuel demand", the Commonwealth Bank of Australia said in a report.

A University of Michigan survey released late on Thursday showed consumer confidence in the world's biggest oil user hitting six-month highs in December.

The index placed consumer sentiment for this month at 74.5, compared with November's 71.6.

"Consumer confidence improved in December to its best level in six months and its second-highest level since the start of 2008," the survey report said.

"The gain was due to improved employment expectations that made consumers more willing to spend and adopt more favorable prospects for the overall economy."

Consumer confidence in the US economic recovery increases the likelihood that people will spend more, fuelling growth as well as energy demand.

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