Oil prices rose for a fourth day following stock markets advancing and the US currency weakening, increasing the investment appeal of dollar-denominated commodities, Bloomberg has reported.
Crude oil for August 2009 delivery gained as much as $0.60, or 0.9%, to $64.16 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Prices were at $64.14 at 11.15am Singapore time.
Last week oil prices increased 6.1% as gasoline inventories increased for a fifth week and distillate supplies reached a 24-year high.
The dollar dropped to $1.4181 per euro, the lowest since 1 July, from $1.4102. The dollar dropped versus 12 of the 16 key currencies.
The index of US leading economic indicators increased 0.5% in June 2009, after a 1.2% gain in May 2009, according to a Bloomberg News survey of economists.
There were also gains on Gold and copper. Gold for immediate delivery increased 0.3% to $940.10 an ounce at 10.04am in Singapore. October-delivery copper on the Shanghai Futures Exchange added as much as 3.2% to JPY43,100 ($6,309) a metric ton, the highest since 14 October.
The stocks in Asian advanced, led by commodity and technology shares. The MSCI Asia Pacific excluding Japan Index added 1.4% to 103.98 as of 9.51am in Hong Kong.
The gauge has rallied 24% in the past three months amid optimism stimulus plans around the world will revive the global economy.
Oil futures of New York increased to an eight-month high of $73.38 on 30 June as US refiners drew down crude oil stocks, the weaker dollar encouraged investment in commodities, and equities increased.
Brent crude for September 2009 settlement increased as much as $0.62, or 1%, to $66 a barrel on London’s ICE Futures Europe Exchange.
Gasoline for August delivery rose as much as 1.11 cents, or 0.6%, to $1.7810 a gallon on the New York Mercantile Exchange.