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Crude oil continues to rise

19 September 2008 08:47 (UTC +04:00)

Baku. Vugar Mustafayev - APA-Economics. Crude oil rose for a third day in New York as concern eased that global financial market turmoil would weaken economic growth and hurt demand for fuels after governments took steps to prevent the crisis from spreading, Bloomberg reports.
Crude for October delivery rose as much as $1.02, or 1 percent, $98.90 a barrel on the New York Mercantile Exchange. It was at $98.60 at 2:06 p.m. Singapore time. Earlier the contract fell as much as 0.5 percent to $97.39 a barrel.
Yesterday, the contract gained 72 cents to settle at $97.88 a barrel. Oil futures are up 1.8 percent this year and have lost 34 percent since reaching a record $147.27 a barrel on July 11.
Brent crude oil for November settlement rose as much as 91 cents, or 1 percent, to $96.10 a barrel on Londonâ€™s ICE Futures Europe exchange. It was trading at $95.81 a barrel at 2:05 p.m. Singapore time. It rose 35 cents, or 0.4 percent, to $95.19 a barrel yesterday.
U.S. stocks rallied the most in six years yesterday on the prospects for the government plan to shore up financial markets, while regulators and pension funds took steps to curb bets against banks and brokerages.
The Dow Jones Industrial Average jumped 617 points from its low of the day and the Standard & Poorâ€™s 500 Index climbed 4.3 percent.
Concerns about the availability of supplies from the U.S. Gulf of Mexico and Nigeria have kept prices above $90 a barrel this week.