Oil prices remain around $70

Oil prices remain around $70
# 12 August 2009 08:10 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Crude oil was little changed after falling below $70 a barrel in New York on declines in stock markets and speculation supplies increased in the U.S., the largest energy-consuming nation, Bloomberg reported.

Oil climbed as high as $69.80 today after the American Petroleum Institute reported that U.S. crude oil stockpiles declined 1.42 million barrels to 348.5 million last week.

Crude oil for September delivery traded at $69.48 a barrel, up 3 cents, on the New York Mercantile Exchange at 1:10 p.m. in Singapore. Yesterday, the contract fell $1.15, or 1.6 percent, to settle at $69.45. It was the fourth daily decline and the first time oil settled below $70 this month. Futures have advanced 56 percent in 2009.

Brent crude oil for September settlement on London’s ICE Futures Europe Exchange traded at $72.37 a barrel, down 9 cents at 1:11 p.m. in Singapore. Yesterday, the contract fell $1.04, or 1.4 percent, to settle at $72.46.
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