Bourse

Home page

Bourse

Oil prices above $70

06 October 2009 08:37 (UTC +04:00)

BakÄ± â€“ APA-Economics. Crude oil traded above $70 a barrel in New York after rising on optimism fuel demand will increase amid improved prospects for a recovery in the U.S., the worldâ€™s biggest energy consumer.

Oil climbed to $71 yesterday as U.S. stocks gained after a report showed service industries returned to growth following 11 months of contraction. Commodities also rose as the dollar fell on a report Gulf states may switch to a basket of currencies to trade oil. The dollarâ€™s decline bolstered the appeal of raw materials as a hedge against inflation.

Crude oil for November delivery was at $70.55 a barrel, up 14 cents, in electronic trading on the New York Mercantile Exchange at 12:47 p.m. in Singapore. Yesterday, the contract gained 46 cents, or 0.7 percent, to settle at $70.41 a barrel. Prices have climbed 58 percent this year.

The Energy Department is scheduled to release its Weekly Petroleum Status Report at 10:30 a.m. tomorrow in Washington. The industry-funded American Petroleum Institute will put out its own data today.
Brent crude oil for November settlement traded at $68.16 a barrel, up 12 cents, on the London-based ICE Futures Europe exchange at 12:46 p.m. Singapore time. Yesterday, the contract slipped 3 cents to settle at $68.04 a barrel.