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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

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.