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Oil prices rally on markets

22 January 2009 08:01 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose the most in three weeks, following equities higher, on speculation a bank-rescue plan from President Barack Obama will boost financial companies, Bloomberg reports.
Crude oil for March delivery rose $2.71, or 6.6 percent, to settle at $43.55 a barrel at 2:44 p.m. on the New York Mercantile Exchange, the biggest gain since Dec. 31. Oil has fallen 2.4 percent since the end of December and is 52 percent lower than a year ago.
February oil rose $2.23, or 6.1 percent, to $38.74 a barrel yesterday, the last day the contract traded, as the spread between it and March crude declined.
The price for oil for delivery in April is $2 higher than for March, down from a $4.45 premium on Jan. 16. December futures are up $10.09 from the front month, versus $15.04 at the end of last week. This structure, in which the subsequent monthâ€™s price is higher than the one before it, is known as contango.
Brent crude oil for March settlement rose $1.40, or 3.2 percent, to settle at $45.02 a barrel on Londonâ€™s ICE Futures Europe exchange.