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Oil moves up after four consecutive drops

09 January 2009 07:41 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for the first time in four days on speculation prices had fallen too far, too fast in response to the global recession, reports Bloomberg. Crude oil for February delivery gained as much as 94 cents, or 2.3 percent, to $42.64 a barrel on the New York Mercantile Exchange.
Yesterday, futures fell 93 cents, or 2.2 percent, to settle at $41.70 a barrel in New York, the lowest since Dec. 30. Oil has fallen 56 percent from a year ago. Crude has dropped 8.4 percent this week.
Brent crude oil for February settlement rose as much as 88 cents, or 2 percent, to $45.55 a barrel on Londonâ€™s ICE Futures Europe exchange. The contract yesterday fell 2.6 percent to settle at $44.67 a barrel.