Oil prices up 11 per cent in 2 weeks

Energy prices dipped overnight after the Federal Reserve announced that it will bump up the so-called discount lending rate. That sent the dollar to its highest level since May.

Crude,which is priced in US currency,tends to fall in price as the dollar rises and makes oil barrels tougher to buy for investors holding foreign money.

A Labour Department report today morning though said consumer prices excluding food and energy fell in January for the first time since December 1982. That tempered concerns of future inflation,analyst Phil Flynn said.

Meanwhile,investors continued to focus on protesting refinery workers in France. Workers at a refinery for oil giant Total have been striking since Jan 12. The US imports gasoline and other fuels from Europe,and continued disruptions have helped push energy prices higher.