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Oil prices settle around $45 after a slight change

27 February 2009 08:25 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil fell in New York, paring this weekâ€™s increase to 14 percent, on signs the global recession is deepening after Japanâ€™s manufacturers cut production by a record pace.
Oil snapped a three-day rally as Japanese data showed the worldâ€™s third-biggest user of crude is headed for its worst postwar recession. Oil gained earlier this week after a U.S. government report showed a drop in gasoline stockpiles and OPEC members called for further cuts in output.
Crude oil for April delivery fell as much as 86 cents, or 1.9 percent, to $44.36 a barrel on the New York Mercantile Exchange. It was at $44.59 a barrel at 1:55 p.m. Singapore time.
Futures rose $2.72, or 6.4 percent, to $45.22 a barrel yesterday, the highest settlement since Jan. 26. Crude oil is poised for a 7.1 percent gain this month.
Brent crude oil for April settlement declined as much as 45 cents, or 1 percent, to $46.06 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $46.23 a barrel at 1:30 p.m. Singapore time.