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Oil sees slight gain after two-week low

02 November 2009 08:19 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose from a two-week low as traders bought back contracts on bets of a recovery in fuel demand after manufacturing in China, the worldâ€™s second-biggest oil user, expanded at the fastest pace in 18 months, Bloomberg reported.

Oil had earlier fallen below $77 a barrel as Asian stocks slumped, reflecting concern over the outlook for growth.

Crude oil for December delivery rose as much as 68 cents, or 0.9 percent, to $77.68 a barrel in electronic trading on the New York Mercantile Exchange. It was at $77.48 a barrel at 1:55 p.m. Singapore time.
Futures lost 4.4 percent last week, the first pullback in a month, after U.S. crude oil and gasoline stockpiles rose, equities declined and the dollarâ€™s rebound reduced the investment appeal of commodities. Prices were down 3.6 percent Oct. 30 after a report showed U.S. consumer spending in September fell for the first time in five months.
Brent crude for December settlement climbed as much as 75 cents, or 1 percent, to $75.95 a barrel on the London-based ICE Futures Europe exchange. The contract was at $75.79 at 1:57 p.m. in Singapore.