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Oil prices near $50

19 March 2009 08:23 (UTC +04:00)

BakÄ±. Vahab Rzayev â€“ APA-Economics. Crude oil rebounded on optimism the U.S. Federal Reserveâ€™s plan to buy back debt will end the global recession, reviving demand for fuels.
The Fed is seeking to purchase about $1 trillion of U.S. Treasuries, mortgage-backed bonds and other debt. The dollar traded near a two-month low against the euro, prompting investors to purchase oil as a hedge against inflation.
Crude oil for April delivery rose as much as $1.69, or 3.5 percent, to $49.83 a barrel on the New York Mercantile Exchange. It was at $49.11 a barrel at 1:26 p.m. Singapore time. Yesterday, futures fell $1.02, or 2.1 percent, to $48.14 a barrel. Prices are up 10 percent this year.
The April contract expires tomorrow. The more-active May contract was at $49.85 a barrel, up 95 cents, at 1:28 p.m. Singapore time.
Brent crude oil for May settlement rose as much as $1.38, or 2.9 percent, to $49.04 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $48.56 a barrel at 1:18 p.m. Singapore time.