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Oil goes beyond $72

12 October 2009 07:51 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose for a third day on speculation fuel demand will increase amid signs the global economy is emerging from recession, Bloomberg reported.
Oil climbed after Singapore, Southeast Asiaâ€™s fourth- largest economy, raised its 2009 economic forecast, strengthening a regional recovery. U.S. equities reached their highest in a year Oct. 9, fanning hope world energy consumption will accelerate.
Crude oil for November delivery climbed as much as 79 cents, or 1.1 percent, to $72.56 a barrel in electronic trading on the New York Mercantile Exchange. It was at $72.28 at 12:30 p.m. Singapore time. Futures have gained 62 percent this year. Japan and the U.S. are closed for public holidays.
Oil added 8 cents to $71.77 a barrel on Oct. 9, the highest settlement since Sept. 18, after the International Energy Agency upgraded its 2010 demand forecast for a third month, citing higher-than-expected consumption in Asia and the Americas. Prices rose for a second week as the Standard & Poorâ€™s 500 Index rallied and the Dollar Index slipped to a one-year low, bolstering the investment appeal of commodities including gold.
Oil has traded about $5 on either side of $70 a barrel since August as traders weighed the prospects for a demand bounce against concern over ample supply.
U.S. stockpiles of distillate fuel, including heating oil and diesel, are at their highest since January 1983, according to Energy Department data. Gasoline inventories climbed 2.94 million barrels to 214.4 million as refiners boosted output, the department said Oct. 7.
Brent crude oil for November settlement rose as much as 56 cents, or 0.8 percent, to $70.56 a barrel on the London-based ICE Futures Europe exchange. It was at $70.43 a barrel at 11:58 a.m. in Singapore. The contract gained 0.3 percent to $70 a barrel Oct. 9, the highest settlement since Sept. 22.