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Oil falls but not below $52

06 April 2009 07:53 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell for a second day in New York on speculation global economic weakness will curb demand for fuel and energy, Bloomberg reported.

Recession will limit price gains and oil is likely to trade between $50 and $55 a barrel, Algeriaâ€™s Oil Minister Chakib Khelil told reporters yesterday. Saudi Aramco, the worldâ€™s largest state-owned oil company, yesterday cut its official selling prices for all grades for customers in the U.S., Northwestern and Mediterranean Europe.

Crude oil for May delivery fell as much as 31 cents, or 0.6 percent, to $52.20 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $52.30 at 8:06 a.m. in Sydney.

The contract fell 13 cents, or 0.3 percent, to $52.51 a barrel on April 3, after a report showed the U.S. jobless rate jumped to a 25-year high in March. Prices surged 8.8 percent the day before on plans by the Group of 20 nations to bolster the global economy.

Brent crude oil for May settlement was untraded on Londonâ€™s ICE Futures Europe exchange early today. It climbed 72 cents, or 1.4 percent, to $53.47 a barrel on April 3.