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Oil drops on demand concerns

30 March 2009 07:58 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell for a second day in New York on speculation global stockpiles will increase as the world economy remains in recession, Bloomberg reports.
Crude oil for May delivery fell as much as $1.26, or 2.4 percent, to $51.12 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $51.35 at 12:06 p.m. Singapore time.
The contract declined 3.6 percent to $52.38 a barrel on March 27 on signs of a deepening recession in Europe. Oil climbed 0.6 percent last week, the sixth week of gains.
Brent crude oil for May settlement fell as much as 98 cents, or 1.9 percent, to $51 a barrel on Londonâ€™s ICE Futures Europe exchange, and was trading at $51.13 at 11:45 a.m. in Singapore. It dropped 2.8 percent to $51.98 on March 27.
U.S. oil stockpiles reached 356.6 million barrels on March 20, the highest in more than 15 years and 13 percent more than average for the time of year, according to Energy Department records.
The U.S. dollar climbed to $1.3255 against the euro today, the highest since March 19. It last traded at $1.3263, from $1.3292 late in New York on March 27.