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Oil hits one-year high above $75

14 October 2009 08:22 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose above $75 a barrel in New York, the highest in a year, on optimism the global economic recovery will boost energy demand, Bloomberg reported.
Oil climbed for a fifth day as the dollar declined and Asian shares advanced. Prices rose yesterday after the Organization of Petroleum Exporting Countries upgraded its 2010 global demand forecast on expansion in emerging economies.
Crude oil for November delivery gained as much as 98 cents, or 1.3 percent, to $75.13 a barrel in electronic trading on the New York Mercantile Exchange. Thatâ€™s the highest since Oct. 21, 2008. The contract traded at $74.89 at 1 p.m. Singapore time.
Futures have gained 68 percent this year on speculation demand will bounce back as economies emerge from recession. The dollarâ€™s decline has also bolstered the investment appeal of commodities including gold, which hit a record high for a second day. The U.S. currency touched $1.4889 per euro, the weakest level since August 2008. Gold for immediate delivery gained as much as 0.5 percent to $1,069.80 an ounce.
Oil rallied even as stockpiles in the U.S., the worldâ€™s largest energy consumer, are expected to have increased. Commercially held crude oil inventories rose 1.15 million barrels in the week to Oct. 2, according to the median of estimates from 12 analysts polled by Bloomberg News. Gasoline stockpiles probably climbed 1 million barrels, the survey showed.
The Energy Department will release its weekly report tomorrow at 11 a.m. in Washington, a day later than usual because of the Columbus Day holiday Oct. 12. The industry-funded American Petroleum Institute will put out its data today.
OPEC, which pumps 40 percent of the worldâ€™s oil, yesterday raised its forecast for global demand for a second month. The 12-member group predicted consumption next year will rise 0.8 percent to 84.93 million barrels a day, led by emerging markets. The International Energy Agency on Oct. 9 raised its demand projection for a third month.

Brent crude oil for November settlement rose as much as 88 cents, or 1.2 percent, to $73.28 a barrel on the London-based ICE Futures Europe exchange. The contract was at $73.14 a barrel at 1 p.m. in Singapore. Yesterday, it gained 1.5 percent to $72.40 a barrel, the highest settlement since Aug. 28.