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Oil prices go past $72 on optimistic expectations

11 June 2009 08:35 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil rose for a third day to a seven- month high above $72 a barrel after a government report showed U.S. crude and gasoline stockpiles unexpectedly fell, Bloomberg reported.
Crude oil for July delivery gained as much as 82 cents, or 1.2 percent, to $72.15 a barrel and was at $72.11 at 1:46 p.m. Sydney time in after-hours trading on the New York Mercantile Exchange. Yesterday, the contract rose $1.32, or 1.9 percent, to close at $71.33, the highest settlement since Oct. 20.
Oil stockpiles are 11 percent higher than the five-year average, down from a 27 percent surplus two weeks earlier, the Energy Department said. Inventories climbed to 375.3 million during the week ended May 1, the highest since 1990.
Brent crude for July delivery rose as much as 72 cents, or 1 percent, to $71.52 on Londonâ€™s ICE Futures Europe exchange. The contract was at $71.51 a barrel at 1:42 p.m. in Sydney. Yesterday, it settled at $70.80, the highest since Oct. 20.

Oil at between $60 and $90 a barrel is in â€œthe right sort of price rangeâ€ to ensure future investment, BP Plcâ€™s Chief Executive Officer, Tony Hayward, said at a presentation in London yesterday.