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Oil prices go up on optimism

13 August 2009 08:17 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for a second day on optimism that energy demand will increase after the Federal Reserve said the U.S. recession is easing, Bloomberg reported.

Oil climbed above $70 a barrel in New York after confidence in the world economy surged to a 22-month high in August and the Fed pledged to keep interest rates low. The dollar fell against the euro, boosting the appeal of commodities priced in the U.S. currency.

Crude oil for September delivery gained as much as 73 cents, or 1 percent, to $70.89 a barrel on the New York Mercantile Exchange. It was at $70.70 a barrel at 1:03 p.m. in Singapore. Yesterday the contract rose 1 percent to settle at $70.16 a barrel. Futures have climbed 59 percent this year.

Brent crude oil for September settlement on Londonâ€™s ICE Futures Europe Exchange rose as much as 68 cents, or 0.9 percent, to $73.57 a barrel, and traded at $73.38 at 12:47 p.m. in Singapore. Yesterday, it gained 0.6 percent to close at $72.89 a barrel.