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Crude oil trades near $82

05 January 2010 08:40 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded near a 14-month high in New York as freezing weather in the U.S., the largest energy consumer, and improving global economies bolstered the outlook for fuel demand, Bloomberg reported.
Oil climbed for an eighth day yesterday after Chinaâ€™s manufacturing expanded at the fastest pace in more than five years. U.S. distillate fuel stockpiles may drop as cold weather moved into the countryâ€™s northeast. Beijing and Seoul were hit by the heaviest snowfall in more than a half century.
Crude oil for February delivery was at $81.76 a barrel, up 25 cents, in electronic trading on the New York Mercantile Exchange at 2:48 p.m. Singapore time. Yesterday, the contract rose 2.7 percent to $81.51 a barrel, the highest settlement since Oct. 9, 2008.
U.S. distillate fuel inventories probably fell a fourth week, according to a Bloomberg News survey before an Energy Department report tomorrow. Stockpiles including heating oil and diesel dropped 1.78 million barrels last week, based on the median estimate from 10 analysts polled.
The greenback fell to the lowest in almost three weeks against the euro before reports today that economists said will show U.S. factory orders rose for a third month. The dollar dropped to $1.4463 per euro from $1.4413 after weakening to $1.4473, the weakest since Dec. 17.
Brent crude oil for February settlement was at $80.34 a barrel, up 22 cents, on the London-based ICE Futures Europe exchange at 2:49 p.m. Singapore time. Yesterday, the contract gained 2.8 percent to $80.12 a barrel, the highest settlement since Oct. 9, 2008.