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Oil prices stay relatively steady

19 May 2009 07:18 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil was little changed in New York, near $59 a barrel, as gains in the stock market increased optimism that the global economy is recovering.

Japanese stocks including Toyota Motor Corp. and Sony Corp. climbed, adding to a rally in the U.S. equity markets that pushed the S&P 500 Index up 3 percent and the Dow Jones Industrial Average 2.9 percent higher. U.S. crude oil stockpiles probably fell for a second week as refiners increased their operations, according to a Bloomberg News survey.
Crude oil for June delivery was at $59 a barrel, down 3 cents, on the New York Mercantile Exchange. The contract earlier rose as much as 0.4 percent to $59.28 a barrel. Yesterday, June futures increased $2.69, or 4.8 percent, to end at $59.03 a barrel, the highest settlement since Nov. 11. Futures are up 32 percent this year.
Prices were also supported by concerns of disruptions to African oil supplies as Nigerian militants threatened to block waterways used for energy exports and a fire at a Sunoco Inc. refinery in Delaware affected operations.
The June crude contract expires today. The more-actively traded July contract fell 13 cents to $59.46 a barrel.
Brent crude for July settlement was at $58.29 a barrel, down 18 cents, on Londonâ€™s ICE Futures Europe exchange. The contract yesterday rose $2.49, or 4.4 percent, to end the session at $58.47 a barrel. It was the highest settlement since Nov. 10.