Bourse

Home page

Bourse

Oil prices are high

07 May 2009 09:21 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded little changed near $56 a barrel after rising 4.6 percent yesterday on a smaller- than-expected increase in U.S. stockpiles and as equities advanced to a four-month high.

Crude supplies rose 605,000 barrels to 375.3 million last week, the highest since 1990, the Energy Department said yesterday. A 2.5 million-barrel gain was forecast by analysts surveyed by Bloomberg News. The Standard & Poorâ€™s 500 Index added 1.7 percent to its highest close since Jan. 6. The Dow Jones Industrial Average rose 1.2 percent.

Crude oil for June delivery fell 16 cents to $56.18 a barrel on the New York Mercantile Exchange at 10:41 a.m. in Sydney. Yesterday, the contract climbed $2.50 to settle at $56.34, the highest settlement since Nov. 14. Futures are up 26 percent this year.
U.S. stocks advanced as investors speculated banks donâ€™t need as much capital as had been projected and a report showed employers cut fewer jobs than economists estimated.
Brent crude oil for June settlement increased $2.03, or 3.8 percent, to end yesterdayâ€™s session at $56.15 on Londonâ€™s ICE Futures Europe exchange, the highest since Nov. 10.