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Oil prices rich 5-month high

05 May 2009 07:21 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil was little changed near a five-month high as pending sales of U.S. existing homes jumped along with spending on construction projects, signaling energy demand may improve with the economy, Bloomberg reported.

Oil gained yesterday as the Standard & Poorâ€™s 500 Index erased its 2009 loss after the National Association of Realtorsâ€™ index of signed purchase agreements jumped for a second month.

Crude oil for June delivery fell 4 cents to $54.43 a barrel at 9:13 a.m. Sydney time on the New York Mercantile Exchange. Yesterday, futures rose $1.27 to $54.47 a barrel, the highest settlement since Nov. 24. Oil is up 22 percent this year.

Spending on U.S. construction unexpectedly rose in March for the first time in six months as increases in commercial and government projects overshadowed a drop in home building.

Crude oil also advanced yesterday as the dollar fell against the euro for a second day. The euro strengthened as much as 1.2 percent to $1.3425.
Brent crude oil for June settlement rose $1.73, or 3.3 percent, to end the session at $54.58 a barrel in electronic trading on Londonâ€™s ICE Futures exchange. U.K. financial markets were closed yesterday for a holiday.