US oil prices remained above $100 a barrel in Asian trade today on stronger demand, but trading was subdued ahead of new Fed chief Janet Yellen's testimony to Congress. New York's main futures contract, West Texas Intermediate (WTI) for delivery in March, was up five cents to $100.11 a barrel, following volatile trade earlier in the day. WTI closed above $100 yesterday, bolstered by falling US inventories which indicate bigger demand. Brent North Sea crude for March delivery was up seven cents to $108.70. Analysts said investors were waiting for the testimony in Congress this week by Yellen, who took over from Ben Bernanke as chair of the US central bank. Yellen will brief legislators on the state of the US economy and the direction of monetary policy. Global markets are closely watching the pace of the winding down of the government's massive stimulus package for the US economy. The health of the US economy is a key influence on oil prices as the US is the world's biggest oil consumer.

Source