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Oil price gains a little

03 November 2009 08:43 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil was little changed in New York after rising yesterday as data showing global manufacturing expanded signaled that fuel demand may increase, Bloomberg reported.

Oil traded above $78 a barrel after the Institute for Supply Management said its U.S. factory index rose to a three- year high in October. Yesterdayâ€™s Chinese data showed the nationâ€™s manufacturing expanded at its fastest pace in 18 months.

Crude oil for December delivery was at $78.30 a barrel, up 17 cents, on the New York Mercantile Exchange at 2:22 p.m. Singapore time. The contract yesterday gained $1.13, or 1.5 percent, to settle at $78.13 a barrel. Crude has risen 76 percent this year.

Brent crude for December settlement was at $76.76 a barrel, up 21 cents, on the London-based ICE Futures Europe exchange at 2:22 p.m. Singapore time. The contract yesterday climbed $1.35, or 1.8 percent, to $76.55 a barrel.