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Oil stuck below $82

23 October 2009 06:50 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded above $81 a barrel in New York, poised for a fourth week of gains, on improved prospects for an economic recovery in the U.S., the worldâ€™s biggest energy consumer, Bloomberg reported.
Oil has advanced 4 percent this week as U.S. equities gained on better-than-estimated company earnings, boosting speculation that the worst recession since the 1930s is over. Prices also increased as the dollar declined against the euro, adding to the appeal of commodities as an alternative investment.
Crude oil for December delivery rose as much as 59 cents, or 0.7%, to $81.78 a barrel in electronic trading on the New York Mercantile Exchange and was at $81.65 a barrel, up 46 cents, at 12:08 p.m. Singapore time. Yesterday, the contract fell 18 cents to settle at $81.19. Prices have climbed 83 percent this year.

Crude oil for December delivery rose as much as 59 cents, or 0.7%, to $81.78 a barrel in electronic trading on the New York Mercantile Exchange and was at $81.65 a barrel, up 46 cents, at 12:08 p.m. Singapore time. Yesterday, the contract fell 18 cents to settle at $81.19. Prices have climbed 83 percent this year.

Brent crude oil for December settlement rose as much as 64 cents, or 0.8%, to $80.15 on the London-based ICE Futures Europe exchange and traded at $79.97 a barrel at 12:14 p.m. Singapore time. Yesterday, the contract declined 18 cents to settle at $79.51.