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Oil prices move up slowly

08 October 2009 08:23 (UTC +04:00)

Bakuâ€“ APA-Economics. Oil rose in New York as the dollar weakened against the euro and a government report showed an unexpected drop in U.S. crude supplies, boosting optimism about a demand recovery in the biggest energy-consuming nation, Bloomberg reported.
Oil pared yesterdayâ€™s 1.9 percent fall as the dollar declined toward a two-week low, increasing the appeal of commodities as an alternative investment. Prices were also supported by an Energy Department report that showed U.S. crude stockpiles fell 978,000 barrels last week amid a drop in imports. A 2 million-barrel gain was forecast in a Bloomberg survey.
Crude oil for November delivery gained as much as 83 cents, or 1.2 percent, to $70.40 a barrel in electronic trading on the New York Mercantile Exchange. It was at $70.18 at 12:55 p.m. Singapore time. Yesterday, the contract dropped $1.31 to settle at $69.57. Prices have gained 57 percent since the start of the year.

Gold surged to a record for a third day driven by mounting concern that currencies including the dollar will lose value, fueling demand for the metal. Gold for immediate delivery, which traded at $1,053.93 at 1:01 p.m. in Singapore, has risen 16 percent over the past year.

Brent crude oil for November settlement gained as much as 88 cents, or 1.3 percent, to $68.08 a barrel on the London-based ICE Futures Europe exchange. It was at $67.94 at 12:57 p.m. Singapore time. Yesterday, the contract fell $1.36, or 2 percent, to close at $67.20.