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Oil hovers over $62 on optimism

27 May 2009 07:42 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded near $62 a barrel after rising yesterday as a report showing a jump in U.S. consumer confidence spurred optimism the worst of the recession is over in the worldâ€™s largest oil-consuming nation, Bloomberg reported.
Oil rose to its highest settlement in more than six months in New York yesterday as U.S. benchmark stock indexes climbed for the first time in five sessions. U.S. gasoline inventories probably fell for a fifth week as refinery operations lagged behind year-ago levels and as fuel deliveries increased to meet holiday demand, a Bloomberg News survey showed.
Crude oil for July delivery was at $62.37 a barrel, down 8 cents, in electronic trading on the New York Mercantile Exchange. It earlier rose as much as 50 cents, or 0.8 percent, to $62.95 a barrel. Futures gained 1.3 percent yesterday to $62.45 a barrel, the highest close since Nov. 5.
Brent crude for July settlement was at $61.21 a barrel, down 3 cents, on Londonâ€™s ICE Futures Europe exchange. The contract earlier rose 30 cents, or 0.5 percent, to $61.54 a barrel. Yesterday it gained $1.03, or 1.7 percent, to end at $61.24 a barrel, the highest settlement since Nov. 5.