Oil prices keep inching up

Oil prices keep inching up
# 14 August 2009 08:33 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Crude oil rose for a third day as optimism the global economy is recovering from recession bolstered hopes of a rebound in fuel demand.

Oil is poised for a fifth weekly gain after the Standard & Poor’s 500 Index climbed to its highest in 10 months, prompting gains in Asian equities. Australia’s central bank governor also said the global economy is improving and there has been a marked pickup in activity in East Asia.

Crude oil for September delivery rose as much as $1.08, or 1.5 percent, to $71.60 a barrel on the New York Mercantile Exchange, and traded at $70.70 at 1:27 p.m. in Singapore. Yesterday, the contract gained 0.5 percent to settle at $70.52 a barrel. Futures have advanced 59 percent this year.
Brent crude oil for September settlement gained as much as 80 cents, or 1.1 percent, to $74.28 a barrel on London’s ICE Futures Europe exchange. It was at $73.68 a barrel at 1:25 p.m. in Singapore. The September contract expires today.
Gasoline for September delivery rose as much as 2.83 cents, or 1.4 percent, to $2.0475 a gallon in New York, and traded at $2.0320 at 1:15 p.m. Singapore time.
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