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Oil prices settles near $60

13 May 2009 10:04 (UTC +04:00)

Bakuâ€“ APA-Economics. Oil rose for a second day after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined, Bloomberg reported.
Oil supplies fell 3.13 million barrels to 370.7 million last week, the American Petroleum Institute said late yesterday. Additional support for crude prices came as the dollar fell to the lowest level against the euro since March, bolstering demand for commodities as an alternative investment.
Crude oil for June delivery rose as much as $1.05, or 1.8 percent, to $59.90 a barrel, and traded at $59.63 on the New York Mercantile Exchange. Yesterday, it climbed as much as 2.7 percent to $60.08 a barrel before closing at $58.85, the highest settlement since Nov. 11.

Brent crude oil for June settlement gained as much as $1.11, or 1.9 percent, to $59.05 a barrel on Londonâ€™s ICE Futures Europe exchange. It declined 0.8 percent to end the session at $57.94 a barrel yesterday.

Oil has climbed from an intraday low of $32.40 a barrel on Dec. 19 as the stock market recovery spurred optimism of an economic recovery.
The U.S. Energy Department report on inventories is expected to show a 1 million barrels gain, according to an analystsâ€™ survey. Totals from the API and the government moved in the same direction 75 percent of the time over the past four years, Bloomberg data shows.
Supplies rose to 375.3 million barrels in the week ended May 1, the highest since September 1990, the Energy Department said on May 6.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.