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Crude oil rebounds towards $80

28 October 2009 08:21 (UTC +04:00)

Baku â€“ APA-Economics. Crude oil climbed above $79 a barrel in New York before a report forecast to show that U.S. crude inventories expanded for a third week and fuel supplies dropped, Bloomberg reported.
An Energy Department report due tomorrow will probably show that U.S. stockpiles of crude oil rose 1.5 million barrels last week, according to a Bloomberg News survey. Analysts forecast that supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, declined last week.
Crude oil for December delivery rose as much as 58 cents, or 0.7 percent, to $79.26 a barrel on the New York Mercantile Exchange today. The contract traded at $79.16 a barrel at 11:24 a.m. in London. Prices have gained 76 percent this year and reached a one-year high of $82 a barrel on Oct. 21.

Brent crude oil for December settlement was at $77.69 a barrel, up 43 cents, on the London-based ICE Futures Europe exchange at 11:26 a.m. London time. Yesterday it declined $1.66, or 2.1 percent, to end the session at $77.26 a barrel.
The dollar weakened to $1.4886 per euro as of 11:27 a.m. in London from $1.4876 yesterday in New York. The U.S. currency reached $1.5063 against the euro yesterday, the weakest level since August 2008. A weaker U.S. dollar encourages investors to buy commodities including oil as a hedge against inflation.