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Oil prices inch up on world markets

27 April 2009 07:24 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for a fourth day, the longest stretch in two months, as advancing equities and a weaker dollar outweighed concern about lower fuel demand, Bloomberg reported.

Oil gained 3.9 percent after better-than-expected earnings from American Express Co., Ford Motor Co. and Microsoft Corp. sent stocks higher. Prices fell earlier on signs the Organization of Petroleum Exporting Countries isnâ€™t cutting output fast enough to reduce a supply glut. U.S. crude stockpiles are at their highest in nearly 19 years.

Crude oil for June delivery rose $1.93 to settle at $51.55 a barrel on the New York Mercantile Exchange. Futures are up 16 percent this year. The June contract declined 1.8 percent this week.

Brent crude oil for June settlement increased $1.56, or 3.1 percent, to end the session at $51.67 a barrel on Londonâ€™s ICE Futures Europe exchange.

Gold futures for June delivery gained $7.50, or 0.8 percent, to settle at $914.10 an ounce on the Comex division of Nymex. The Reuters/Jefferies CRB Index of 19 commodities advanced 3.05 points, or 1.4 percent, to 222.59.