Oil prices start to move up after trough

Oil prices start to move up after trough
# 03 December 2008 08:19 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude oil rose for the first time in four days as U.S. equities rallied and the Federal Reserve extended terms of three emergency loan programs to mitigate the credit crisis, Bloomberg reports.
Crude oil for January delivery rose as much as $1.14, or 2.4 percent, to $48.10 a barrel in after-hours electronic trading on the New York Mercantile Exchange, and traded at $47.75 a barrel at 1:09 p.m. Singapore time.
Yesterday, futures fell $2.32, or 4.7 percent, to $46.96 a barrel, the lowest settlement since May 20, 2005. Oil has tumbled 67 percent from a record $147.27 a barrel reached on July 11. Oil is set to decline 50 percent this year, snapping six years of gains.
Brent crude oil for January settlement gained as much as $1.15, or 2.5 percent, to $46.59 a barrel on London’s ICE Futures Europe exchange. It was at $46.32 a barrel at 12:54 p.m. Singapore time. The contract declined $2.53, or 5.3 percent, to $45.44 a barrel yesterday, the lowest settlement since Feb. 15, 2005.
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