Crude Oil Trades Near $79 on Recovery Optimism

16 November 2009 (Last Updated November 16th, 2009 18:30)

Crude oil traded near $79 a barrel in New York after rising on improved prospects for an economic recovery in the US. Oil prices eased as traders sold futures to lock in yesterday's 3.3% gain as equities climbed to 13-month highs, according to Bloomberg. Crude gained as the do

Crude oil traded near $79 a barrel in New York after rising on improved prospects for an economic recovery in the US.

Oil prices eased as traders sold futures to lock in yesterday's 3.3% gain as equities climbed to 13-month highs, according to Bloomberg.

Crude gained as the dollar weakened, increasing the appeal of commodities as an alternative investment.

Crude oil for December delivery traded at $78.70 a barrel, down 20 cents, in electronic trading on the New York Mercantile Exchange at 3.32pm Singapore time.

Yesterday, the contract rose $2.55 to settle at $78.90, the biggest gain since 30 September. Futures are up 76% this year.