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Oil prices change direction

16 April 2009 09:32 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose for the first time in a week as equities in the U.S., the worldâ€™s biggest oil user, rallied and the Federal Reserve said some of the countryâ€™s biggest regional economies slowed the pace of their decline.
Crude oil for May delivery climbed as much as $1.05, or 2.1 percent, to $50.30 a barrel on the New York Mercantile Exchange. Prices are up 11 percent so far this year.
Yesterday, oil fell 16 cents, or 0.3 percent, to $49.25 a barrel, the lowest settlement on the Nymex since April 7, after a government report showed that U.S. stockpiles climbed to the highest level in almost 19 years as demand dropped.
The International Energy Agency cut its 2009 oil-demand forecast last week for an eighth month, reducing its outlook by 1 million barrels a day to 83.4 million barrels.
Brent crude oil for June settlement rose as much as 94 cents, or 1.8 percent, to $53.38 a barrel on Londonâ€™s ICE Futures Europe exchange. Source: Bloomberg