Oil prices move up as markets rally

Oil prices move up as markets rally
# 19 August 2009 08:41 (UTC +04:00)
Baku- APA-Economics. Crude oil rose for the first time in three days as U.S. equities climbed after better-than-estimated earnings at Home Depot Inc. and Target Corp., Bloomberg reports.
Oil surged the most this month as the Standard & Poor’s 500 Index climbed 1 percent. European stocks increased after German investor confidence jumped to the highest level in more than three years in August as Europe’s largest economy moved out of recession. The dollar dropped against the euro for the first time in three days, bolstering the appeal of commodities.
Crude oil for September delivery increased $2.44, or 3.7 percent, to settle at $69.19 a barrel at 2:44 p.m. on the New York Mercantile Exchange. It was the biggest gain since July 31. Oil has advanced 55 percent this year.
Prices extended gains in electronic trading after the American Petroleum Institute reported that U.S. stockpiles declined 6.13 million barrels to 342.4 million last week. Oil climbed $3.26, or 4.9 percent, to $70.01 a barrel at 4:37 p.m.
The S&P 500 rose to 989.67 and the Dow Jones Industrial Average rallied 0.9 percent to 9,217.94. The U.S. currency fell 0.4 percent versus the euro to $1.4144, from $1.4082 yesterday.
Brent crude oil for October settlement rose $1.83, or 2.6 percent, to end the session at $72.37 a barrel on London’s ICE Futures Europe exchange.
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