Bourse

Home page

Bourse

Oil prices gain after plunging

24 June 2009 07:36 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose for the first time in three days as U.S. equity futures gained and a weaker dollar increased the appeal of commodities as a hedge, Bloomberg reported.
Oil gained, after earlier falling below $67 a barrel, as U.S. stock futures climbed, indicating the Standard & Poorâ€™s 500 Index may rebound from the steepest drop in two months. Crude also gained as the U.S. dollar declined against the euro on speculation that the Federal Reserve will temper expectations for an interest-rate increase.
Crude oil for August delivery climbed as much as 90 cents, or 1.3 percent, to $68.40 a barrel on the New York Mercantile Exchange. It traded at $68.11 a barrel at 1:30 p.m. in London. The contract earlier fell as much as $1.13 to $66.37 a barrel. The July contract expired yesterday at $66.93.
Brent crude for August settlement rose as much as 96 cents, or 1.4 percent, to $67.94 a barrel on Londonâ€™s ICE Futures Europe exchange. It traded at $67.63 at 1:30 p.m. London time.