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Oil continues to increase in price

26 February 2009 09:07 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for a second day, supported by gains in equity markets before a report on U.S. inventories.

Oil climbed 4 percent yesterday as U.S. stocks advanced the most in a month on speculation the government may not have to nationalize banks. U.S. crude inventories probably increased by 1.25 million barrels last week, according to a Bloomberg survey of 14 analysts before todayâ€™s Energy Department report.
Crude oil for April delivery gained as much as 90 cents, or 2.3 percent, to $40.86 a barrel, on the New York Mercantile Exchange. The contract traded at $40.58 at 1:08 p.m. London time. Prices have fallen 59 percent in the past year.

U.S. inventories fell 138,000 barrels in the week ended Feb. 13, the first decline so far this year. The Energy Department will release its report at 10:30 a.m. in Washington.

Supplies rose by 341,000 barrels to 346.2 million barrels a day last week, the industry-funded American Petroleum Institute said in a report released after the markets closed yesterday in Washington.
Brent crude oil for April settlement gained as much as 62 cents, or 1.5 percent, to $43.12 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $42.75 a barrel at 1:09 p.m. London time.