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Crude oil continues to rise

03 February 2010 11:36 (UTC +04:00)

Bakuâ€“APA-Economics. Crude oil rose in New York for a third day as increases in Asia equities renewed expectations of a recovery in the global economy, spurring demand for fuels, Bloomberg reported.

The MSCI Asia Pacific Index gained 0.9 percent today with materials producers and energy companies leading the climb. Oil advanced yesterday on data showing sales of previously owned homes in the U.S. grew in December following a record drop. The dollar fell today against a basket of major currencies, prompting demand for commodities.

Crude oil for March delivery rose as much 59 cents, or 0.8 percent, to $77.82 a barrel in electronic trading on the New York Mercantile Exchange. It was at $77.71 at 4:20 p.m. Singapore time. The contract earlier fell as much as 45 cents to $76.78. Yesterday, it gained 3.8 percent, the most since Sept. 30, to settle at $77.23.

Brent crude oil for March settlement rose as much as 65 cents, or 0.9 percent, to $76.71 a barrel on the London-based ICE Futures Europe exchange. The contract earlier fell as much as 43 cents to $75.63. Yesterday, it rose 4 percent, the most since Nov. 16, to settle at $76.06.