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Crude oil moves up on markets

18 September 2008 09:10 (UTC +04:00)

Baku. Vugar Mustafayev - APA-Economics. Crude oil rose in New York, the biggest two-day gain in three months, as investors purchased commodities as a safe haven in the midst of Wall Street turmoil.
Crude for October delivery rose as much as 98 cents, or 1 percent, to $98.14 a barrel on the New York Mercantile Exchange. It was trading at $97.40 a barrel at 9:56 a.m. in Singapore. Oil has declined 34 percent from the record $147.27 a barrel reached on July 11, Bloomberg reports.
Brent crude oil for November settlement rose as much as $1.05, or 1.1 percent, to $95.51 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $95.18 a barrel at 9:58 a.m. Singapore time.
The contract yesterday rose $5.62, or 6.3 percent, to settle at $94.84 a barrel. Prices dropped the previous 14 days, the longest stretch since the contract was introduced in 1988.
U.S. crude-oil stockpiles fell 6.33 million barrels to 291.7 million barrels last week, according to the Energy Department. It was the fourth straight inventory decline. A drop of 3.5 million barrels was forecast, according to the median of responses by 11 analysts surveyed by Bloomberg News.
Prices also advanced after a U.S. government report yesterday showed that crude oil stockpiles dropped the most since May because of disruptions from Hurricane Ike.