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Oil price hovers over $81

22 October 2009 07:53 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded near a one-year high in New York after rising yesterday as the dollar dropped and a U.S. Energy Department report showed a greater-than- forecast decline in supplies of gasoline, Bloomberg reported.
Oil advanced 2.8 percent yesterday as the U.S. currency slipped beyond $1.50 per euro for the first time in 14 months, bolstering the appeal of commodities. Gasoline stockpiles fell 2.21 million barrels, more than twice the median of analyst forecasts, in the week ended Oct. 16.
Crude oil for December delivery traded at $81.31 a barrel, down 6 cents, in electronic trading on the New York Mercantile Exchange at 12:11 p.m. Sydney time. Yesterday, the contract rose $2.25 to $81.37, the highest settlement since Oct. 9, 2008. Prices are up 82 percent this year.
The dollar traded at $1.5020 per euro at 12:01 p.m. in Sydney, after declining 0.5 percent yesterday, when it touched $1.5046, the weakest level since August 2008.
Inventories of crude oil rose 1.31 million barrels to 339.1 million, the highest level since August, the Energy Department report showed. Supplies were forecast to climb by 1.5 million barrels. The gain left stockpiles 9.4 percent above the five- year average for the period, the department said.

Brent crude oil for December settlement rose 1 cent to $79.70 a barrel on the London-based ICE Futures Europe exchange at 12:14 p.m. Sydney time. Yesterday, it climbed $2.45, or 3.2 percent, to end the session at $79.69.