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Oil prices settle below $40

10 February 2009 07:56 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil was little changed after rising on speculation fuel demand may climb as an economic stimulus package sought by President Barack Obama cleared a procedural hurdle in the U.S. Senate, Bloomberg reports.
Crude oil for March delivery was at $39.89 a barrel, up 33 cents, in electronic trading on the New York Mercantile Exchange at 1:17 p.m. Singapore time. It earlier rose as much as 1 percent to $39.95 a barrel.
Yesterday, futures fell 61 cents, or 1.5 percent, to settle at $39.56 a barrel in New York. Oil is down 11 percent this year and 57 percent from a year ago.
Brent crude oil for March settlement was at $46.33 a barrel, up 31 cents, on Londonâ€™s ICE Futures Europe exchange at 1:17 p.m. Singapore time.
The Organization of Petroleum Exporting Countries has complied with about 80 percent of the 4.2 million barrels a day of production cuts it announced and has 900,000 barrels left to go, Secretary-General Abdalla el-Badri told reporters in London yesterday. Thatâ€™s left the group with about 8 million barrels of shut-in capacity.