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Crude oil settles below $80

14 January 2010 07:45 (UTC +04:00)

Baku- APA-Economics. Crude oil was little changed in New York on speculation corporate earnings in the U.S. will improve and bolster the economy, fueling consumption in the worldâ€™s biggest energy user, Bloomberg reported.
Oil traded near $80 a barrel after the Standard & Poorâ€™s 500 Index rebounded yesterday from its first loss of the year as analyst upgrades lifted investor sentiment. The Federal Reserve said in its Beige Book regional business survey that the economy improved in 10 of the Fedâ€™s 12 districts last month, marking a broadening of the recovery.
Crude oil for February delivery was at $79.93 a barrel, up 28 cents, in electronic trading on the New York Mercantile Exchange at 2:29 p.m. Singapore time. Yesterday, the contract fell 1.4 percent to $79.65 a barrel, the lowest settlement since Dec. 31.
Prices ticked higher with equities, with the MSCI Asia Pacific Index advancing 1.2 percent to 126.11 as of 3:18 p.m. in Tokyo. Yesterday, the S&P 500 added 0.8 percent and the Dow Jones Industrial Average rose 0.5 percent.
Brent crude oil for February settlement was at $78.61 a barrel, up 30 cents, on the London-based ICE Futures Europe exchange at 2:30 p.m. Singapore time. The contract expires at todayâ€™s settlement. The more actively traded March future gained 24 cents to $79.06 a barrel.