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Oil prices fluctuate above $51

07 April 2009 08:32 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose as U.S. and Asian equity futures gained, signaling that some investors expect economies to stabilize, boosting demand for energy, Bloomberg reports.

Crude oil for May delivery gained 28 cents, or 0.6 percent, to $51.33 a barrel on the New York Mercantile Exchange. Oil has risen 15 percent this year and is down 65 percent from a record in July. Yesterday, crude dropped $1.46, or 2.8 percent, to settle at $51.05 a barrel.
Brent crude oil for May settlement dropped $1.23, or 2.3 percent, yesterday to $52.24 a barrel on Londonâ€™s ICE Futures Europe exchange.
The Brent contract was $1.19 a barrel more expensive than May crude traded on the Nymex, based on yesterdayâ€™s prices. Thatâ€™s the most since Feb. 17. Brent oil is often priced at a discount to Nymex crude and traded lower for most of March.