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Crude oil trades near $79

30 December 2009 08:56 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded near $79 a barrel after rising for a fifth day on forecasts for cold weather in the U.S. and signs the economy in the worldâ€™s largest energy- consuming nation may be recovering, Bloomberg reported.
Crude climbed 10 cents to $78.87 a barrel yesterday as heating oil rose to a two-month high on the outlook for below- normal temperatures and as U.S. consumer confidence improved in December for a second month. Oil has advanced 77 percent this year in New York, poised for the biggest increase since 1999.
Crude oil for February delivery traded at $78.83, down 4 cents, in electronic trading on the New York Mercantile Exchange at 11:37 a.m. in Sydney. Futures, which have tripled in the past decade, closed yesterday at the highest settlement since Nov. 18.

Brent crude for February settlement yesterday increased 32 cents, or 0.4 percent, to $77.64 a barrel on Londonâ€™s ICE Futures Europe exchange.