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Oil prices rise by 6%

21 January 2009 08:19 (UTC +04:00)

BakÄ±. Vahab Rzayev â€“ APA-Economics. Crude oil rose in New York as traders bought contracts to close out bets that prices would decline amid the global economic recession, Boomberg reports. Crude oil for March delivery rose as much as 66 cents, or 1.6 percent, to $41.50 a barrel in electronic trading on the New York Mercantile Exchange. Futures are down 54 percent from a year ago. Prices dropped 4.1 percent to $40.84 a barrel yesterday.
The February contract expired yesterday and rose $2.23, or 6.1 percent, to $38.74 a barrel, the biggest gain since Dec. 31. Sales volume in the contract was less than March as traders avoided taking supplies at the Cushing, Oklahoma, delivery point for Nymex futures.
Brent crude oil for March settlement was at $43.79 a barrel, up 17 cents, on Londonâ€™s ICE Futures Europe exchange. It declined 88 cents, or 2 percent, to end the session at $43.62 a barrel yesterday.