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Oil remains below $80

04 November 2009 08:22 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded little changed above $79 a barrel after rising yesterday on signs the U.S. economic expansion may spur fuel demand in the worldâ€™s largest energy consumer, Bloomberg reported.
Oil climbed 1.9 percent after Indiaâ€™s central bank bought 200 metric tons of gold from the International Monetary Fund. Factory orders in the U.S., the worldâ€™s biggest crude consumer, rose in September for the fifth time in six months.
Crude oil for December delivery traded at $79.39 a barrel, down 21 cents, in electronic trading on the New York Mercantile Exchange at 1:28 p.m. Singapore time. Oil has risen 78 percent this year. Yesterday, the contract settled up $1.47 at $79.60.
Oil fell as much as 2 percent earlier yesterday on the announcement that Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc received a second bailout from U.K. taxpayers, signaling the economy may take longer to recover from the worst recession since the 1930s.
Gold futures for December delivery rose $30.90, or 2.9 percent, to $1,084.90 an ounce yesterday on the Comex division of the New York Mercantile Exchange, a record settlement price. The contract touched $1,088.50, the all-time high intraday price. The previous record was $1,072 an ounce, set on Oct. 14.
The U.S. dollar was at $1.4730 to the euro at 1:30 p.m. Singapore time from $1.4724 yesterday. The greenback fell as low as $1.5016 on Oct. 21.
Prices were also supported by an industry-funded report showing U.S. crude stockpiles declined last week.
Brent crude for December settlement was at $77.90 a barrel, down 21 cents, on the London-based ICE Futures Europe exchange at 1:28 p.m. Singapore time. The contract increased $1.56, or 2 percent, to end the session at $78.11 a barrel.