Oil rose for a third day as optimism that the global economy is recovering from a recession boosted hopes of a bounce back in fuel demand, Bloomberg reported.

Crude oil for September 2009 delivery gained as much as $1.08, or 1.5%, to $71.60 a barrel on the New York Mercantile Exchange, and traded at $70.85 at 11:08am in Singapore. On 13 August the contract increased 0.5% to settle at $70.52 a barrel. Futures have advanced 59% in 2009.

Oil is poised for a fifth weekly increase after the Standard & Poor’s 500 Index rose to its highest in ten months and analysts forecasted that Hong Kong is poised to emerge from its worst recession since 1990 as exports were bolstered by a recovery in mainland China.

Australia’s central bank governor also said the global economy is getting better and there has been a marked pickup in activity in East Asia.

The MSCI Asia Pacific Index increased 0.7% to 114.17 as of 12:08pm in Tokyo. Hong Kong’s gross domestic product most likely increased 1.2% in the second quarter of 2009, snapping a year of drop, according to the median estimate of analysts surveyed by Bloomberg.

Brent crude oil for September 2009 settlement increased as much as 80 cents, or 1.1%, to $74.28 a barrel on London’s ICE Futures Europe exchange. It was traded at $73.81 a barrel at 11:14am in Singapore. The September 2009 contract expires on August 14 2009.

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By GlobalData

Gasoline for September 2009 delivery increased as much as 2.83 cents, or 1.4%, to $2.0475 a gallon in New York, and traded at $2.0390 at 11:07am Singapore time.