Oil prices move up

Oil prices move up
# 01 May 2009 07:45 (UTC +04:00)
Bakı. Vahab Rzayev – APA-Economics. Crude oil was little changed after capping its third monthly gain in April on signs that the global economy and fuel demand will recover this year, Bloomberg reported.
Japanese resource stocks opened higher after commodity prices rose in London, building on gains in Europe on better- than-expected earnings and speculation that the worst of the global recession is over. Industrial output in Japan increased for the first time in six months while U.K. consumer confidence climbed to the highest level in a year.
Crude oil for June delivery fell 26 cents to $50.86 a barrel on the New York Mercantile Exchange.
In New York trading yesterday, crude oil rose 15 cents to settle at $51.12 a barrel. Prices gained 2.9 percent in April and are up 15 percent this year.
Crude has failed to surpass $55 a barrel in New York this year in the face of several rallies to near that level. The failure to break through this threshold is an indicator that the current trading range will persist for at least another six months, according to Schork.
Brent crude for June settlement was at $50.51 a barrel, down 29 cents on London’s ICE Futures Europe exchange.
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