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Oil prices hover over $70

10 June 2009 07:47 (UTC +04:00)

Crude climbed toward $71 a barrel as the American Petroleum Institute said oil supplies fell 5.96 million barrels to 357.9 million last week, the lowest level since March. The Department of Energy will report their data later today. Support for crude prices came on expectations the dollar may extend its decline against the euro on speculation the global recession is ending.

Crude oil for July delivery rose as much as 93 cents, or 1.3 percent, to $70.94 a barrel in after-hours trading on the New York Mercantile Exchange. It was at $70.71 a barrel at 12:17 p.m. Singapore time. Yesterday, the contract increased $1.92 to $70.01 a barrel, the highest settlement since Nov. 4.

Oil peaked at $147.27 a barrel on July 11 before slumping to $32.40 on Dec. 19 as the global recession curbed energy use.
Gasoline demand in the U.S. will rise to an average 9.09 million barrels a day during the summer, 0.9 percent higher than the same period in 2008.
Gasoline for July delivery rose .92 cents, or 0.47 percent, to $1.9759 a gallon in New York at 9:29 a.m. Sydney time. Yesterday, it gained 3.07 cents, or 1.6 percent, to end the session at $1.9667, the highest settlement since Oct. 9.
World oil consumption will increase 10,000 barrels from the May forecast to an average of 83.68 million barrels a day this year, the EIA said. The estimate is 1.75 million barrels a day lower than demand in 2008.
Brent crude for July delivery rose as much as 63 cents, or 0.9 percent, to $70.25 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $70.10 at 12:16 p.m. Singapore time. The contract rose $1.74, or 2.6 percent, to end the session at $69.62 a barrel, the highest settlement since Oct. 21.