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Crude oil hovers over $79

12 November 2009 08:41 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded above $79 a barrel in New York as Chinaâ€™s rising oil imports and a weaker dollar spurred investors to buy commodities, Bloomberg reports.
Oil gained as much as 0.5 percent as the dollar approached a two-week low against the euro, weakening against 13 of 16 major counterparts. Gold reached a record. Net crude imports to China, the largest oil user after the U.S., climbed in October to the second-highest level ever.
Crude oil for December delivery traded at $79.20, down 8 cents, in electronic trading on the New York Mercantile Exchange at 12:36 p.m. Singapore time. Yesterday, the contract climbed 23 cents to settle at $79.28 a barrel. Prices have gained 78 percent this year.
Oil rose as much as 1.3 percent yesterday as Chinaâ€™s industrial output expanded last month, signaling a strengthening recovery. Net oil imports were 18.98 million tons, or 4.5 million barrels a day, the Beijing-based customs office said.
The dollar fell to $1.5008 per euro at 12:33 p.m. in Tokyo from $1.4987 yesterday, when it touched $1.5048, the lowest level since Oct. 26. A weaker dollar increases the appeal of commodities as an alternative investment.
Brent crude for December settlement was at $77.93 a barrel, down 2 cents, on the London-based ICE Futures Europe exchange at 12:36 p.m. Singapore time. The contract advanced 45 cents, or 0.6 percent, to end the session at $77.95 a barrel yesterday.