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Oil increases for the third day

07 October 2009 08:01 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil rose for a third day in New York after an industry report showed a decline in fuel and crude stockpiles in the U.S., the biggest energy-consuming nation, Bloomberg reported.
Crude oil climbed above $71 a barrel after the American Petroleum Institute said distillate fuel inventories fell 2.91 million barrels last week while crude supplies dropped by 254,000 barrels. The Energy Information Administration will report government supply figures today. MasterCard Inc. reported yesterday that U.S. gasoline consumption climbed to the highest in six weeks.
Crude oil for November delivery rose as much as 64 cents, or 0.9 percent, to $71.52 a barrel in electronic trading on the New York Mercantile Exchange. It was at $71.50 at 12:05 p.m. Singapore time. Yesterday, the contract gained 47 cents to settle at $70.88. Prices have climbed 60 percent this year.
The dollar index, which compares the greenback to a basket of six major currencies, has dropped to 76.42 today from 78.01 a month ago, prompting investors to buy commodities as an inflation hedge.
Global crude demand may reach 84.7 million barrels a day in the fourth quarter, and climb to 84.77 million barrels a day in 2010, the EIA said yesterday in its Short-Term Energy Outlook.
Brent crude oil for November settlement rose as much as 71 cents, or 1 percent, to $69.27 a barrel on the London-based ICE Futures Europe exchange. It was at $69.26 at 12:03 p.m. Singapore time. The contract gained 52 cents, or 0.8 percent, to close at $68.56 a barrel yesterday.