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Oil prices plunge on markets

28 January 2009 07:40 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose, ending two days of losses, after U.S. stocks gained on better-than-expected company earnings that overshadowed declines in consumer confidence and home prices.
Crude oil for March delivery rose as much as 67 cents, or 1.6 percent, to $42.25 a barrel on the New York Mercantile Exchange. The contract was trading at $42.14 a barrel at 8:02 a.m. in Singapore.
Yesterday, crude oil for March delivery fell $4.15 to settle at $41.58 a barrel, the biggest decline since Jan. 7. Prices are down 6.8 percent in 2009 and are 54 percent lower than a year ago.
Brent crude oil for March settlement declined $3.23, or 6.9 percent, to end the session at $43.73 a barrel on Londonâ€™s ICE Futures Europe exchange yesterday.