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Crude oil up on world markets

02 February 2010 08:20 (UTC +04:00)

Bakuâ€“APA-Economics. Crude oil rose for a second day in New York after manufacturing in the U.S. increased at the fastest pace since August 2004, adding to signs that fuel use in the worldâ€™s biggest energy-consuming country may gain, Bloomberg reports.

Oil advanced the most in four weeks yesterday after the Institute for Supply Managementâ€™s factory index climbed to a higher-than-anticipated 58.4 in January. European manufacturing also increased as companies raised output to meet reviving global demand, a separate report showed. Energy Department data tomorrow may show a drop in U.S. distillate fuel inventories.

Crude oil for March delivery climbed as much as $1.01, or 1.4 percent, to $75.44 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.70 at 1:50 p.m. Singapore time. Yesterday, the contract rose 2.1 percent to settle at $74.43, the biggest one-day increase since Jan. 4.

The U.S. manufacturing figure exceeded the median forecast of 55.5 from 67 economists surveyed by Bloomberg News. Readings higher than 50 signal an expansion. Manufacturing accounts for about 12 percent of the economy.

Brent crude oil for March settlement rose as much as $1.41, or 1.9 percent, to $74.52 a barrel on the London-based ICE Futures Europe exchange. It was at $73.36 at 1:51 p.m. Singapore time. Yesterday, the contract climbed 2.3 percent, the most since Jan. 4, to settle at $73.11.