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Crude oil settles near $79 on markets

28 December 2009 08:13 (UTC +04:00)

Bakuâ€“ APA-Economics. Global oil prices advanced further in Asian trade Monday on hopes of increase in fuel demand during winter season in the US and Europe, Commodity Online reported.

Light sweet crude for February delivery was seen trading at $78.71 a barrel at 12.00 noon Singapore time while Brent crude was at $76.85 a barrel at the same time.

Analysts said oil prices to advance further this week as traders bet demand for fuels will rebound when economies emerge from the global recession.

Prices reached $82 a barrel on Oct. 21. Last year, futures traded between $32.40 and $147.27 a barrel, an all-time high.

Brent crude oil for February settlement rose as much as 72 cents, or 0.9 percent, to $77.03 a barrel on the London-based ICE Futures Europe exchange.

It was at $76.84 a barrel at 12:04 p.m. Singapore time. On Dec. 24, the contract gained 1.1 percent to $76.31 a barrel, the highest settlement since Dec. 7.

On Thursday, prices also moved up. February delivery rose $1.38 to $78.05. London’s Brent North Sea crude for February delivery gained 86 cents to $76.31 a barrel.

Distillate inventories also slid 3.1 million barrels last week, against analyst forecasts of a 1.6 million barrel fall. Data for distillates, which include heating oil, is in focus as winter starts to bite in the United States and Europe.