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Oil prices rise towards $68

30 September 2009 07:31 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose above $67 a barrel in New York as the dollar retreated from gains and investors purchased futures on signs of a global economic rebound, Bloomberg reported.
Oil climbed, reversing earlier declines, after the dollar slid against the euro today, prompting investors to buy commodities as an inflation hedge. Chinese manufacturing expanded for a sixth month in September and Japanese industrial output climbed for a sixth time in August. An industry report yesterday showed U.S. crude stockpiles climbed for a third week.
Crude oil for November delivery rose as much as 53 cents, or 0.8 percent, to $67.24 a barrel in electronic trading on the New York Mercantile Exchange. It was at $67.05 a barrel at 11:43 a.m. Singapore time. Yesterday, the contract fell 13 cents to settle at $66.71. Oil is poised for a 4 percent decline for the three months ending today, the first drop in three quarters.
The dollar traded at $1.4625 per euro at 11:11 a.m. Singapore time, from $1.4587 yesterday, when it touched $1.4527, the strongest level since Sept. 14. The dollar has weakened 4 percent against the euro this quarter.
Brent crude oil for November settlement rose as much as 42 cents, or 0.6 percent, to $65.91 a barrel on the London-based ICE Futures Europe exchange. It was at $65.76 at 11:33 a.m. Singapore time. It dropped 5 cents to $65.49 a barrel yesterday.