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Oil price drop to $36

12 February 2009 08:24 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil traded near $36 a barrel after dropping to the lowest in four weeks yesterday as a U.S. government report showed a bigger-than-expected increase in inventories.
U.S. supplies rose 4.72 million barrels to 350.8 million barrels last week, the Energy Department said. Stockpiles were forecast to climb 2.75 million barrels, according to a Bloomberg News survey. U.S. refiners operated at 81.6 percent of capacity last week, the lowest since the period ended Oct. 3 when the Gulf Coast was recovering from two hurricanes, the report showed.
Crude oil for March delivery was at $36.08 a barrel, up 14 cents, at 1:21 p.m. Singapore time on the New York Mercantile Exchange. Yesterday, oil fell $1.61, or 4.3 percent, to $35.94 a barrel in New York , the lowest settlement since Jan. 15.
Oil has declined 19 percent this year and dropped 61 percent from a year earlier.
Brent crude oil for March settlement was at $44.90 a barrel, up 62 cents, on Londonâ€™s ICE Futures Europe exchange at 1:15 p.m. Singapore time. The contract expires today. The more-active April future was at $46.05 a barrel, up 73 cents, at 1:22 p.m. Singapore time.