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Oil prices move up on optimism

09 June 2009 08:47 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil gained in New York, snapping two days of losses, as most Asian stocks rose after Nobel Prize-winning economist Paul Krugman said the U.S. recession may end this year, signaling increased energy demand.

Crude oil for July delivery gained as much as 81 cents, or 1.2 percent, to $68.90 and was at $68.63 on the New York Mercantile Exchange at 11:50 a.m. in Sydney. Yesterday, the contract fell 35 cents, or 0.5 percent, to settle at $68.09. Futures touched a seven-month high of $70.32 on June 5.

Brent crude for July delivery rose as much as 78 cents, or 1.2 percent, to $68.66 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $68.49 at 11:45 a.m. Sydney time. Futures touched $69.91 on June 5, the highest since Oct. 21.

Gasoline for July delivery gained 1.27 cents, or 0.7 percent, to $1.9487 a gallon in New York at 11:36 a.m. in Sydney. Yesterday, it slipped 1.86 cents, or 1 percent, to end the session at $1.936.

The euro rose from one-week low and the pound advanced against the dollar after a report said the U.K. housing market showed signs of â€œstabilizingâ€ in May. The euro gained to $1.3914 per dollar as of 10:16 a.m. in Tokyo from $1.3900 yesterday in New York. The pound rose to $1.6056 from $1.6051.