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Oil prices move up

09 April 2009 09:18 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for a second day after a U.S. government report showed a smaller inventory gain compared with industry estimates, Bloomberg reports.
Supplies increased 1.65 million barrels to 361.1 million last week, the highest since July 1993, the Energy Department said. Stockpiles were forecast to climb by 1.5 million barrels, according to a Bloomberg News survey. The industry-funded American Petroleum Institute said April 7 stockpiles jumped 6.94 million barrels to the highest since 1990.
Crude oil for May delivery rose as much as $1.02, or 2.1 percent, to $50.40 a barrel on the New York Mercantile Exchange. It was at $50.29 a barrel at 1:29 p.m. in Singapore. Yesterday, oil climbed 23 cents, or 0.5 percent, to $49.38 after touching $47.37, the lowest since April 1, before the Energy Department report was released at 10:30 a.m. in Washington. Prices are up 13 percent this year.
Oil also gained as Japanese stocks climbed after the Cabinet Office reported machinery orders rose 1.4 percent in February. The Nikkei 225 Stock Average gained 157.09, or 1.8 percent, to 8,752.10 as of 9:39 a.m. in Tokyo, rebounding from a 2.7 percent decline yesterday.
Brent crude oil for May settlement rose as much as 80 cents, or 1.6 percent, to $52.39 a barrel on Londonâ€™s ICE Futures Europe exchange.
Brent is now trading at premium of more than $2 a barrel to the West Texas Intermediate contract in New York, swinging from a discount of 43 cents on March 31.