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Oil hovers over $80

06 November 2009 08:49 (UTC +04:00)

Baku-APA-Economics. Crude oil rose in New York, poised for a weekly gain, on optimism fuel demand will increase amid improved prospects for an economic recovery in the U.S., the worldâ€™s biggest energy consumer.
Oil rebounded from last weekâ€™s 4.4 percent decline after U.S. crude oil stockpiles unexpectedly fell, an Energy Department report showed this week. Futures also rose as Asian stocks followed U.S. equities higher and the dollar traded near a one-week low against the euro.
Crude oil for December delivery rose as much as 51 cents, or 0.6 percent, to $80.13 a barrel in electronic trading on the New York Mercantile Exchange. It was at $79.97 a barrel at 2.22 p.m. Singapore time. Yesterday, the contract slipped 78 cents to settle at $79.62 a barrel. Futures, up 80 percent in 2009, have gained 4 percent this week.

Brent crude oil for December settlement rose as much as 68 cents, or 0.9 percent, to $78.67 a barrel on the London-based ICE Futures Europe exchange. The contract was at $78.51 a barrel at 2:22 p.m. in Singapore.