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Crude oil settles near $73

21 December 2009 07:50 (UTC +04:00)

Bakuâ€“ APA-ECONOMICS. Crude oil traded near $73 a barrel in New York after rising last week amid optimism demand will increase as the global economy recovers from its worst recession since World War II, Bloomberg reported.
Oil prices may gain this week on expectations that increasing fuel demand in the U.S., the largest energy consumer, will reduce inventories, according to a Bloomberg News survey. Reports this week are forecast to show increasing sales of existing and new homes in the country.
Crude oil for January delivery was at $73.43 a barrel, up 7 cents, in electronic trading on the New York Mercantile Exchange at 3:13 p.m. Singapore time. The contract, which expires today, rose 1 percent to $73.36 on Dec. 18, the highest settlement since Dec. 7. Futures climbed 5 percent last week, the most in two months, and have gained 65 percent this year.

Brent crude oil for February settlement rose as much as 57 cents, or 0.8 percent, to $74.32 a barrel on the London-based ICE Futures Europe exchange. The contract was at $74.09 a barrel at 3:23 p.m. Singapore time.