Oil prices go up slightly

Oil prices go up slightly
# 18 August 2009 06:32 (UTC +04:00)
Baku-APA. Crude oil rose, snapping two days of losses, as the dollar’s decline spurred investors to purchase commodities as an alternative investment, Bloomberg reported.
Oil’s gain came as the euro strengthened on expectations that German investor confidence climbed. Crude fell 5.3 percent in the past two days as global equity declines raised concerns of slower economic growth.
Crude oil for September delivery rose as much as 68 cents, or 1 percent, to $67.43 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $67.09 a barrel at 11:21 a.m. Singapore time. Yesterday, it fell 76 cents to $66.75, the lowest settlement since July 29.
Prices have gained 50 percent this year, after tumbling 54 percent in 2008.
Gold also climbed on the back of the dollar’s decline, which made commodities priced in the U.S. currency, including oil, cheaper. Gold futures for December delivery gained 0.4 percent to $939.10 an ounce on the Comex division of Nymex.
The dollar fell to $1.4113 per euro at 9:23 a.m. in Tokyo from $1.4082 in New York yesterday.
U.S. crude-oil stockpiles probably climbed for a fourth week because refiners have reduced operating rates, a Bloomberg News survey showed. Inventories gained 1.35 million barrels last week from 352 million, according to the median of eight estimates by analysts surveyed before an Energy Department report tomorrow.
Brent crude oil for October settlement rose as much as 40 cents, or 0.6 percent, to $70.94 a barrel on London’s ICE Futures Europe exchange. It was at $70.57 a barrel at 11:22 a.m. Singapore time. The contract fell 90 cents, or 1.3 percent, to settle at $70.54 a barrel yesterday.