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Crude oil trades near $79

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

Bakuâ€“ APA-Economics. Oil traded near $79 a barrel after an industry report showed U.S. crude and fuel stockpiles rose, outweighing signs of economic expansion in China, Bloomberg reported.
The American Petroleum Institute said late yesterday crude inventories climbed 1.22 million barrels last week to 337.5 million and gasoline supplies rose by 1.4 million barrels. China, the second-largest user after the U.S., said October net oil imports were 18.98 million tons, or 4.47 million barrels a day, the second-highest on record.
Crude oil for December delivery traded at $78.69 a barrel, down 36 cents, in electronic trading on the New York Mercantile Exchange at 2:12 p.m. Singapore time. Yesterday, the contract fell 38 cents to settle at $79.05. Prices have gained 77 percent this year.
Crude declined after Tropical Depression Ida weakened after coming ashore yesterday, allowing workers to return to production platforms in the Gulf of Mexico. Energy producers idled about 43 percent of oil and 28 percent of natural-gas output in the Gulf because of Ida, the Minerals Management Service said.
Chevron Corp. said its Mississippi refinery was unaffected and Murphy Oil Corp. plans to resume output at its offshore Thunder Hawk platform today.
Brent crude for December settlement was at $77.11 a barrel, down 66 cents on the London-based ICE Futures Europe exchange at 2:23 p.m. Singapore time. Yesterday, the contract fell 27 cents, or 0.3 percent, to end the session at $77.50.