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Oil prices move up on bright expectations

31 March 2009 08:24 (UTC +04:00)

Bakuâ€“ APA-Economics. Oil rose, set for the biggest monthly gain since June, on speculation governmentsâ€™ widening stimulus plans will boost the global economy and fuel demand, Bloomberg reports.
Crude gained as much as 1.7 percent to $49.24 a barrel on the New York Mercantile Exchange, rebounding after a slump in U.S. stocks prompted the biggest drop in four weeks yesterday. Oil has risen 9.6 percent this month after U.S. Treasury Secretary Timothy Geithner unveiled a plan to remove toxic assets from banks.
Crude oil for May delivery was at $49.11 a barrel at 1:10 p.m. Singapore time. Yesterday, it fell $3.97, or 7.6 percent, to $48.41 a barrel, the lowest settlement on the Nymex since March 18 and the biggest decline since March 2.
Crude has gained 10 percent this quarter after tumbling 56 percent in the previous three months. This monthâ€™s gain was the biggest since a 9.9 percent jump in June.
Brent crude oil for May settlement rose as much as 91 cents, or 1.9 percent, to $48.90 a barrel on Londonâ€™s ICE Futures Europe exchange. It was at $48.70 a barrel at 1:02 p.m. Singapore time.
It fell $3.99, or 7.7 percent, yesterday to end the session at $47.99 a barrel. The contract touched $47.66, the lowest since March 18.
Oil dropped yesterday after President Barack Obama said that General Motors Corp. and Chrysler LLC have one last chance to â€œfundamentally restructure.â€