Bourse

Home page

Bourse

Oil prices go up

05 January 2009 09:39 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for a third day in New York after Israeli troops entered the Gaza Strip, escalating the 10-day-old conflict and threatening stability in the Middle East, the largest oil-producing region, Bloomberg reports.
Crude oil for February delivery rose as much as $2.34, or 5.1 percent, to $48.68 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $46.89 a barrel at 4:01 p.m. Singapore time.
The contract gained 3.9 percent to $46.34 a barrel on Jan. 2, the highest settlement since Dec. 11. Prices climbed 23 percent last week, the most since August 1986, buoyed by the Gaza conflict, a natural gas dispute between Russia and Ukraine, and a rebound in equity prices. Oil tumbled 27 percent the week before.
Brent crude oil for February settlement rose $1.81, or 3.8 percent, to $48.71 a barrel on London’s ICE Futures Europe exchange. It was at $47.11 a barrel at 4 p.m. Singapore time. The contract gained 2.9 percent to settle at $46.91 on Jan. 2.