Oil prices change a little, but remain high

Oil prices change a little, but remain high
# 04 August 2009 07:54 (UTC +04:00)
Baku -APA-Economics. Crude oil traded near a seven-week high as signs the global economy is recovering from recession bolstered optimism that fuel consumption will rebound, Bloomberg reports.
Oil was above $70 a barrel in New York after reports showed that U.S. manufacturing shrank at the slowest pace in 11 months and factory output in China advanced to the highest level in almost a year. The Standard & Poor’s 500 Index climbed above 1,000 for the first time since November, prompting speculation raw-material demand and prices will increase.
Crude oil for September delivery was at $71.17 a barrel, down 41 cents, on the New York Mercantile Exchange at 12:35 p.m. Singapore time. Yesterday, it rose $2.13, or 3.1 percent, to $71.58, the highest settlement since June 12. Prices have climbed 59 percent this year.
The U.S. Institute for Supply Management said yesterday its manufacturing index climbed to 48.9 last month from 44.8 in June. An increase to 46.5 was expected, according to a Bloomberg News survey of economists.
U.S. crude inventories probably rose 1.15 million barrels in the week ended July 31, according to the median of 12 estimates by analysts surveyed by Bloomberg News before an Energy Department report tomorrow. Nine of those surveyed said stockpiles rose and three forecast a drop.
Gasoline supplies probably fell 1.25 million barrels from 213.1 million the week before, according to the survey.
Gasoline for September delivery traded at $2.0647 a gallon in New York, down 0.46 cent, at 11:30 a.m. in Singapore. Yesterday, it gained 5.67 cents, or 2.8 percent, to end the session at $2.0693.
Oil prices above $70 a barrel could slow the global economic recovery, the Financial Times reported yesterday, citing Fatih Birol, chief economist at the International Energy Agency.
Brent crude oil for September settlement was at $73.19, down 36 cents, on London’s ICE Futures Europe Exchange at 12:39 p.m. in Singapore. Ye

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