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Oil prices go up on markets

01 August 2009 10:08 (UTC +04:00)

Baku - APA. Crude oil rose to a one-month high and gasoline surged after a report that the U.S. gross domestic product shrank less than estimated bolstered speculation that the economy is recovering from the recession.

Oil climbed 3.7 percent after the Commerce Department said that GDP fell at a 1 percent annual pace during the April- through-June period. The U.S. economy was forecast to shrink at a 1.5 percent pace, according to the median estimate of 78 economists surveyed by Bloomberg News. Prices also gained because of a drop in the dollar against the euro.

Crude oil for September delivery rose $2.51 to $69.45 a barrel at 3:02 p.m. on the New York Mercantile Exchange, the highest settlement since June 30. Prices have gained 2.1 percent this week and 56 percent this year. Oil fell 0.6 percent since the end of June and had the first monthly drop since January.

Gasoline for August delivery increased 5.37 cents, or 2.7 percent, to end the session at $2.0448 a gallon in New York, the highest settlement since June 16. The August contract expired today. The more-active September contract climbed 6.12 cents, or 3.1 percent, to settle at $2.0126.

Brent crude oil for September settlement rose $1.59, or 2.3 percent, to end the session at $71.70 a barrel on Londonâ€™s ICE Futures Europe exchange. It was the highest settlement since June 11.

Crude oil may decline next week, a Bloomberg News survey of analysts showed. Twenty-four of 35 analysts surveyed, or 69 percent, said futures will fall. Itâ€™s the most bearish response since March 2008. Six respondents, or 17 percent, forecast that prices will be little changed and five expected an increase.
Crude oil volume in electronic trading on the Nymex was 628,567 contracts as of 3:02 p.m. in New York. Volume totaled 595,221 contracts yesterday, 16 percent higher than the average over the past three months. Open interest was 1.17 million contracts yesterday. The exchange has a one-business-day delay in reporting open interest and full volume data.