Bourse

Home page

Bourse

Oil posts biggest weekly gain in two months

18 December 2009 07:13 (UTC +04:00)

Baku-APA-Economics. Crude oil rose in New York, poised for its biggest weekly advance since October on optimism fuel demand will increase amid improved prospects for an economic recovery in the U.S, Bloomberg reported.,
Oil has gained 4.4 percent this week, the most since the week ended Oct. 16, after the Federal Reserve said factories produced more goods in November than anticipated, signaling fuel demand may rise. Below-normal temperatures, which boosted heating demand last week, are forecast from Chicago to New York in the next two weeks, while heavy snow is expected in London today.
Crude oil for January delivery rose as much as 52 cents, or 0.7 percent, to $73.17 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $72.95 a barrel at 12:53 p.m. Singapore time. Futures, which lost 54 percent in 2008, have gained 64 percent this year.
The Energy Department said Dec. 16 that U.S. crude oil inventories declined to the lowest since Jan. 9. Distillate fuel stockpiles, which include heating oil and diesel, fell 2.95 million barrels to 164.4 million.
Brent crude oil for February settlement traded at $73.51 a barrel, up 14 cents, on the London-based ICE Futures Europe exchange at 12:55 p.m. Singapore time. Yesterday, the contract dropped 92 cents to settle at $73.37 a barrel.