Oil prices slide towards $70

Oil prices slide towards $70
# 11 August 2009 07:38 (UTC +04:00)
Baku– APA-Economics. Crude oil traded little changed above $70 a barrel in New York on speculation that global demand for fuels will rebound as economies emerge from recession, Bloomberg reports.
Oil has settled near $71 in the past week as gains in the stock market increased optimism for a recovery. The Standard & Poor’s 500 Index slipped from a 10-month high yesterday after four weeks of increases that left the index at the highest level relative to earnings since 2004. China’s crude oil imports in July rose to a record 19.63 million metric tons.
Crude oil for September delivery traded at $70.71 a barrel, up 11 cents, on the New York Mercantile Exchange at 12:01 p.m. in Singapore. The contract fell 33 cents, or 0.5 percent, to settle at $70.60 yesterday. Prices have climbed 59 percent so far this year.

New York oil futures have doubled since February as the decline in the dollar made commodities more attractive and rising equity markets buoyed investor confidence. Oil touched an eight-month high of $73.38 a barrel on June 30.

Most Japanese shares rose today and the MSCI Asia Pacific Index was little changed at 111.80 as of 11:48 a.m. in Tokyo. The gauge has risen 58 percent from a five-year low on March 9 on speculation of a global economic recovery.

The dollar traded at $1.4143 against the euro at 11:33 a.m. in Singapore, from $1.4140 in New York.

Brent crude oil for September traded at $73.51 a barrel, up 1 cent, on London’s ICE Futures Europe exchange, at 11:50 a.m. in Singapore. Yesterday, the contract fell 9 cents, or 0.1 percent, to $73.50.
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