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Oil prices still remain too low

11 February 2009 08:28 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose in New York, partly retracing yesterdayâ€™s 5.1 percent loss, as the U.S. Senate passed an economic stimulus plan, raising expectations for increases in fuel demand, Bloomberg reports.
Crude oil for March delivery rose as much as 67 cents, or 1.8 percent, to $38.22 a barrel on the New York Mercantile Exchange. It was at $37.92 a barrel at 12:25 p.m. Singapore time.
Yesterday, crude oil fell $2.01 to $37.55 a barrel in New York, the lowest settlement since Jan. 16. It was the biggest drop since Jan. 27. Oil is down 15 percent this year and has declined 60 percent from a year ago.
Oil dropped yesterday on skepticism over the governmentâ€™s plan to bailout banks and on expectations a report today will show inventories climbed.
Brent crude oil for March settlement climbed as much as 50 cents, or 1.1 percent, to $45.11 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $44.90 at 12:23 p.m. Singapore time.
The contract yesterday fell $1.41, or 3.1 percent, to end the session at $44.61 a barrel. Brent futures closed at a $7.06 premium to West Texas Intermediate, the grade thatâ€™s traded in New York.