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Oil prices move up

26 January 2009 07:58 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil fell from a two-week high on speculation recession in the worldâ€™s largest economies will curtail demand for fuel and energy.
A report today in the U.S., the worldâ€™s largest oil user, will probably show an index of leading economic indicators dropped to the lowest in almost five years last month, according to a Bloomberg News survey of economists.
Crude oil for March delivery fell as much as 87 cents, or 1.9 percent, to $45.60 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Brent crude oil for March settlement fell as much as $1.02, or 2.1 percent, to $47.35 a barrel on Londonâ€™s ICE Futures Europe exchange. It was trading at $47.64 at 11:41 p.m. in Tokyo. The contract gained 6.6 percent to $48.37 a barrel on Jan. 23.