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Oil reaches eight-month high

30 June 2009 08:26 (UTC +04:00)

Baku â€“ APA-Economics. Crude oil rose to the highest in eight months, set for its biggest quarterly gain since 1990, as the U.S. dollar declined and militant attacks in Nigeria raised concern that supplies may be disrupted, Bloomberg reports.
Oil jumped as much as 2.6 percent in New York, adding to yesterdayâ€™s 3.4 percent gain, as investors sought commodities on as a hedge against inflation. The dollar fell as much as 0.3 percent against major currencies. Royal Dutch Shell Plc shut a field after an attack by Nigerian rebels, disrupting supply from Africaâ€™s largest producer.
Crude oil for August delivery gained as much as $1.89, or 2.6 percent, to $73.38 a barrel on the New York Mercantile Exchange, the highest since Oct. 21. It was at $72.63 a barrel at 12:37 p.m. in Singapore.
Oil has risen 64 percent since the beginning of this year. It rebounded from $32.70 a barrel on Jan. 20 on optimism that the global economic recession is easing.
Brent crude oil for August settlement rose as much as $2.51, or 3.5 percent, to $73.50 a barrel on Londonâ€™s ICE Futures Europe exchange. Yesterday, it gained $2.07, or 3 percent, to $70.99 a barrel, the biggest gain since June 4.