Bourse

Home page

Bourse

Oil falls from three-month high

18 March 2009 09:47 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil fell from a three-month high after U.S. inventories posted a larger-than-expected gain and Japanese refiners processed less crude.
Crude oil for April delivery fell as much as 84 cents, or 1.7 percent, to $48.32 a barrel on the New York Mercantile Exchange, and traded at $48.73 at 3:33 p.m. Singapore time.
Yesterday, April futures rose 3.8 percent to $49.16 a barrel, the highest settlement since Dec. 1. Prices have gained 8.4 percent so far this year.
Brent crude oil for May settlement fell as much as 84 cents, or 1.7 percent, to $47.40 a barrel on Londonâ€™s ICE Futures Europe exchange, and traded at $47.78 at 3:37 p.m. Singapore time.
Futures rose yesterday on an unexpected rebound in homebuilding and speculation that the Federal Reserve will outline plans to bolster the U.S. economy.
The Commerce Department report showed that work began on 583,000 homes at an annual rate, a 22 percent increase from January. Oil prices have plunged from a record $147.27 a barrel in July as the U.S., Europe and Japan face recessions. Gasoline and heating-oil futures prices surged, with the motor fuel reaching the highest in four months.