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Oil prices go up towards $50

22 April 2009 08:13 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil climbed for a second day, following gains in U.S. stocks, after Treasury Secretary Timothy Geithner said the â€œvast majorityâ€ of the nationâ€™s banks have more capital than needed.
Crude oil for June delivery rose as much as 38 cents, or 0.8 percent, to $48.93 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
The May contract, which expired yesterday, was less expensive than the following months, allowing buyers to profit from storing oil. Crude oil for May delivery rose 63 cents to settle at $46.51 a barrel, after earlier plunging as much as 4.5 percent.
June Brent crude on the ICE futures exchange fell $1.37 to $48.49 a barrel.
The Standard & Poorâ€™s 500 Index rose 2.1 percent to 850.08 yesterday after dropping as much as 0.7 percent earlier. The Dow Jones Industrial Average increased 1.6 percent to 7,969.56.
An Energy Department report today will probably show U.S. crude oil supplies climbed 2.5 million barrels last week, according to the median of 15 responses in a Bloomberg News survey.