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Oil climbs after five-day decline

10 December 2009 08:57 (UTC +04:00)

Baku- APA-Economics. Crude oil climbed, snapping a five- day decline, as the dollar dropped and after an industry report showed a fall in U.S. crude inventories, Bloomberg reported.
The American Petroleum Institute said crude inventories fell by 5.82 million barrels last week. The U.S. Energy Department will release its weekly report on inventories later today in Washington.
Crude oil for January delivery rose as much as $1.25, or 1.7 percent, to $73.87 in electronic trading on the New York Mercantile Exchange and traded at $73.43 as of 1:35 p.m. London time. Yesterday, the contract fell $1.31 to $72.62 a barrel, the lowest settlement since Oct. 9.
The dollar was at $1.4769 against the euro as of 1:17 p.m. London time, from $1.4704 yesterday. Some investors buy commodities including gold and crude oil as a currency hedge.
Brent crude oil for January settlement added as much as $1, or 1.3 percent, to $76.19 a barrel on the ICE Futures Europe exchange in London and traded at $75.66 a barrel as of 1:36 p.m. local time.
The U.S. Energy Department is scheduled to release its weekly report at 10:30 a.m. in Washington.