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Oil prices moves up on world markets

14 November 2008 07:59 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Crude oil rose for a second day in New York, extending its rebound from a 21-month low as gains in stock markets spurred expectations demand for fuel will increase, Bloomberg reports.
Crude oil for December delivery rose as much as $1.72, or 3 percent, to $59.96 a barrel on the New York Mercantile Exchange. It was at $58.37 a barrel at 12:08 p.m. Singapore time. Prices have tumbled 60 percent from a record $147.27 on July 11.
Yesterday, futures gained $2.08, or 3.7 percent, to $58.24 a barrel. Oil is set to fall 4.2 percent this week, the second week of decline.
Brent crude oil for January settlement rose 56 cents, or 1 percent, to $56.80 a barrel on London’s ICE Futures Europe exchange. It was at $56.27 a barrel at 11:41 a.m. Singapore time. The contract rose $1.72, or 3.2 percent, to $56.24 a barrel yesterday.