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Oil prices little change on optimism

07 August 2009 06:40 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded above $71 a barrel in New York, poised for a fourth weekly gain on optimism the prospects for a global economic recovery have improved, Bloomberg reports.

Oil is set to rise 3.2 percent this week as U.S. equities increased and the dollar weakened, boosting investor demand for commodities priced in the U.S. currency. The Standard & Poorâ€™s 500 Index reached a nine-month high on Aug. 3.

Crude oil for September delivery on the New York Mercantile Exchange traded at $71.69 a barrel, down 25 cents, or 0.4 percent, at 11:05 a.m. in Singapore. Yesterday, the contract slipped 3 cents to settle at $71.94. Futures have gained 61 percent this year and climbed 20 percent in the past four weeks.

The dollar is headed for a fifth weekly drop against the currencies of six major U.S. trading partners as investors sought higher-yielding assets ahead of a Labor Department report forecast to show companies cut fewer jobs.

The Organization of Petroleum Exporting Countries will increase crude oil shipments for the first time since June, according to consultants Oil Movements.
OPEC, which pumps 40 percent of the worldâ€™s oil, will boost deliveries by 0.4 percent in the four weeks ending Aug. 22, the tanker tracker said yesterday, as higher prices encourage members to exceed output targets.
Brent crude oil for September settlement traded at $74.55 a barrel on Londonâ€™s ICE Futures Europe exchange, down 28 cents, or 0.4 percent, at 11:07 a.m. in Singapore. Prices fell 68 cents, or 0.9 percent, to $74.83 yesterday.