Dhaka, Bangladesh (BBN)- Crude oil rose to a one-year high above US$ 75 a barrel in New York as confidence in the economic recovery strengthened while the weaker dollar attracted investors seeking a currency hedge.
Crude prices also climbed after a report on Wednesday from the American Petroleum Institute showed that US crude oil and gasoline stockpiles dropped last week, according to reports.
Crude oil for November delivery climbed to USD 75.96 a barrel in electronic trading on the New York Mercantile Exchange, marking its highest intraday price since October 20, 2008. Copper and Aluminium also advanced over the week.
BBN/SS/SI/AD-17October09-4:16 pm (BST)