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Oil price goes up towards $78

26 November 2009 07:19 (UTC +04:00)

Baku â€“ APA-Economics. Crude oil rose as the dollar dropped to a 15-month low against the euro and a government report showed that U.S. fuel demand gained for a second week, Bloomberg reported.
Oil increased 2.6 percent after the greenback retreated on the Federal Reserveâ€™s signal that it will tolerate a weaker currency. A lower dollar bolsters the appeal of commodities as an alternative investment. Consumption of gasoline and other fuels climbed 2.8 percent in the past two weeks, an Energy Department report showed.
Crude oil for January delivery rose $1.94 to $77.96 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 18. Prices are up 75 percent this year.
There will be no floor trading in New York tomorrow because of the U.S. Thanksgiving holiday, and the exchange will close early on Nov. 27.
Brent crude oil for January delivery on the London-based ICE Futures Europe exchange rose $1.98, or 2.6 percent, to settle at $78.44 a barrel.