Oil prices inch up on markets

Oil prices inch up on markets
# 28 August 2009 08:49 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Crude oil traded above $72 a barrel in New York on optimism that fuel demand will increase as the global economy pulls out of a recession.
Oil pared this week’s decline as Asian equities climbed, reinforcing expectations of an economic recovery. The U.S. economy contracted at a less-than-expected 1 percent in the second quarter, the government said yesterday. U.S. crude oil stockpiles last week were “above average” for this time of the year, the Energy Department said Aug. 26.
Crude oil for October delivery was at $72.55 a barrel, up 6 cents, on the New York Mercantile Exchange at 12:52 p.m. Singapore time. It earlier climbed as much as 0.7 percent to $73.03 a barrel. Yesterday, the contract rose $1.06, or 1.5 percent, to settle at $72.49. Futures are poised to fall 1.8 percent this week.
U.S. inventories of crude oil rose 128,000 barrels last week to 343.8 million, the Energy Department said today in a report. Supplies were forecast to drop by 1.15 million barrels, according to the median of 14 analyst estimates in a Bloomberg News survey.
U.S. total daily fuel use averaged 19.2 million barrels in the past four weeks, down 0.9 percent from a year earlier, the Energy Department said.
Crude oil reached a 10-month intraday high of $75 a barrel on Aug. 25 and has fallen 3.3 percent since then.
Brent crude for October settlement was at $72.50 a barrel, down 1 cent, on the London ICE Futures Europe Exchange at 12:35 p.m. Singapore time. The contract rose 86 cents, or 1.2 percent, to $72.51 a barrel yesterday.
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