Bourse

Home page

Bourse

Oil prices fluctuate on world markets

25 February 2009 07:51 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil was little changed after gaining for the first time in three days as the U.S. stock market advanced, raising expectations that fuel use in the worldâ€™s biggest energy-consuming country may recover, Bloomberg reports.
Oil climbed 4 percent yesterday as equities rebounded after the Standard & Poorâ€™s 500 Index sank 3.5 percent Feb. 23. Crude has dropped 73 percent from a record $147.27 on July 11 because of a global recession thatâ€™s cut fuel demand. Crude imports in Japan, the worldâ€™s third-largest user, fell 8 percent in January from a year earlier, the finance ministry said today.
Crude oil for April delivery was at $39.65 a barrel, down 31 cents, at 12:22 p.m. Singapore time on the New York Mercantile Exchange. Yesterday, futures rose $1.52 to settle at $39.96 a barrel. Prices have fallen 60 percent in the past year.

The Dow Jones Industrial Average yesterday increased 236.16 points, or 3.3 percent, to 7,350.94. The Standard & Poorâ€™s 500 Index rose 29.81 points, or 4 percent, to 773.14.
Brent crude oil for April settlement fell as much as 55 cents, or 1.3 percent, to $41.95 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $42 a barrel at 12:25 p.m. Singapore time. The contract increased $1.51, or 3.7 percent, to $42.50 a barrel yesterday.