Bourse

Bourse

Crude oil hovers over $74

23 December 2009 07:49 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded near a two-week high in New York as positive housing and fuel-inventory data signaled a recovery in the U.S., the worldâ€™s largest energy user.
Oil climbed above $74 a barrel yesterday after the National Association of Realtors reported November sales of existing homes increased at the highest annual rate since February 2007, indicating the industry at the center of the recession has stabilized. Separately, the American Petroleum Institute said the countryâ€™s crude oil and refined-product stockpiles declined.
Crude oil for February delivery was at $74.33 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 12:30 p.m. Singapore time. Futures closed yesterday at $74.40, the highest settlement since Dec. 4. There will be no trading Dec. 25 for Christmas and on Jan. 1 for New Yearâ€™s Day.
Oil, which lost 54 percent in 2008, has gained 67 percent this year on speculation global demand for fuels will increase with the economic rebound.
Yesterdayâ€™s existing-homes sales figure rate exceeded the highest estimate from economists surveyed by Bloomberg News. The Commerce Department is expected to report today November sales of new homes also increased.
Brent crude oil for February settlement traded at $73.37 a barrel, down 9 cents, on the London-based ICE Futures Europe exchange at 12:02 p.m. Singapore time. Yesterday, the contract rose 47 cents, or 0.6 percent, to settle at $73.46 a barrel.