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Oil prices rise on optimistic view

02 April 2009 07:14 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose on optimism that the worst of the global economic recession may be over, improving the outlook for fuel demand.

Crude oil for May delivery rose as much as 83 cents, or 1.7 percent, to $49.22 a barrel in electronic trading on the New York Mercantile Exchange. It was at $49.17 a barrel at 12:20 p.m. in Singapore.
Yesterday, futures fell $1.27, or 2.6 percent, to $48.39, the lowest settlement since March 18. Oil is up 10 percent this year and has dropped 67 percent from a record $147.27 a barrel in July.
Brent crude oil for May settlement rose as much as 76 cents, or 1.6 percent, to $49.20 a barrel on Londonâ€™s ICE Futures Europe exchange at 12:20 p.m. Singapore time. The contract fell 79 cents, or 1.6 percent, to end the session at $48.44 a barrel yesterday.
The Group of 20 summit convenes today in London as some reports suggest the pace of decline is easing. U.S. durable- goods orders and home sales rose in February, Chinese urban investment surged 26.5 percent in the first two months of the year, and German investor confidence in March reached its highest level since July 2007.