Oil rises above $80 amid stock market surge

SINGAPORE: Oil prices rose above $80 a barrel Friday in Asia as crude investors eyed a surge in global stock markets. Benchmark crude for December delivery was up 47 cents to $80.09 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange

SINGAPORE: Oil prices rose above $80 a barrel Friday in Asia as crude investors eyed a surge in global stock markets.

Benchmark crude for December delivery was up 47 cents to $80.09 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 78 cents to settle at $79.62 on Thursday.

Oil traders often look to stock markets for a sense of overall investor sentiment, and the Dow Jones industrial average rose 2.1 percent Thursday on better-than -expected jobless claims numbers and positive forecasts by Cisco Systems Inc. All major Asia indexes were also up in early Friday trading.

Crude investors are also watching signs in recent weeks of a drop in U.S. oil supplies, which increased sharply this year as demand shrank. Some analysts forecast higher oil prices next year as the economy strengthens and demand recovers.

“We expect fundamentals to improve as oil demand growth resumes,” Morgan Stanley said in a report. “Until the oil market tightens, oil will be dragged in the wake of other risky asset price moves.”

Morgan Stanley said it expects oil to average $85 a barrel next year.

Crude has crisscrossed the $80 level for the last few weeks as investors mull weak U.S. consumer demand and a volatile dollar.

In other Nymex trading, heating oil rose 1.16 cents to $2.07 a gallon. Gasoline for December delivery gained 0.99 cent to $2.00 a gallon. Natural gas for December delivery fell 1 cent to $4.78 per 1,000 cubic feet.

In London, Brent crude for December delivery rose 66 cents to $78.65 on the ICE Futures exchange.

24 Extremists Killed In Last 24 hours: ISPR

RAWALPINDI: The security forces have moved into the Town of Makeen—an area considered as Base Headquarters of terrorists during South Waziristan Operation Rah-e-Nijat. According to a statement issued here by Inter Services Public Relations (ISPR), in last 24 hours, 24 terrorists have been killed while another was apprehended. Security forces are consolidating and strengthening their positions around Sararogha

RAWALPINDI: The security forces have moved into the Town of Makeen—an area considered as Base Headquarters of terrorists during South Waziristan Operation Rah-e-Nijat.

According to a statement issued here by Inter Services Public Relations (ISPR), in last 24 hours, 24 terrorists have been killed while another was apprehended.

Security forces are consolidating and strengthening their positions around Sararogha. Search and clearance operations are continuing. Terrorists fired 4 rockets at Sararogha. During encounter 3 terrorists were killed.

Security forces are consolidating their positions in and around Ladha and conducting search and clearance operations. During search operation in Bangai Khel, Totai Langar Khel and Kot Langar Khel and huge quantity of arms and ammunition have been recovered and apprehended a suspect.

Terrorists fired at position of security forces at Ghunai Gur. The fire raid was effectively responded. No loss was reported.

Today security forces have entered Makeen. A large part of town has been cleared. In remaining part search and clearance operation is continuing.

Important road and track junction of Makeen-Ladha-Sararogha and road junction Makeen-Ghariom-Sararogha have been blocked. The house of Baitullah Mehsud has been raised to ground.

Intense engagements are taking place and terrorists are fleeing leaving behind their weapons and ammunition. So far 21 terrorists have been killed in Makeen area.

In Mingora, a Burqa clad woman was followed and arrested by Police. She was carrying 1 x Small Machine Gun with two magazines and ammunition. Security force conducted search operation at Shakardara, Bashkhela and apprehended 2 terrorists and recovered cache of arms and ammunition.

At least 3 terrorists voluntarily surrendered themselves to security forces around Mingora.

The forces continued relief activities today, as Pak Army free medical camp was established in Wanna and Shakai form 2 November 2009 to 6 November. Number of patients were treated and provided free medicines.

Local popular appreciated the effort of Army Doctors and Para Medics. 7,922 cash cards have been distributed amongst the displaced families of Waziristan.

Oil Nears $80 A Barrel Amid Stock Market Surge

Oil Nears $80 A Barrel Amid Stock Market Surge :Oil prices climbed toward $80 a barrel Friday, catching up with a surge in global stock markets and assisted by a slightly weaker dollar which made crude more attractive to international investors. By midday in Europe, benchmark crude for December delivery was up 23 cents to $79.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 78 cents to settle at $79.62 on Thursday

Oil Nears $80 A Barrel Amid Stock Market Surge:Oil prices climbed toward $80 a barrel Friday, catching up with a surge in global stock markets and assisted by a slightly weaker dollar which made crude more attractive to international investors.

By midday in Europe, benchmark crude for December delivery was up 23 cents to $79.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 78 cents to settle at $79.62 on Thursday.

Oil traders often look to stock markets for a sense of overall investor sentiment, and the Dow Jones industrial average rose 2.1 percent Thursday on better-than-expected jobless claims numbers and positive forecasts by Cisco Systems Inc. All major Asian indexes closed higher on Friday, while markets in Europe were little changed.

The release later Friday of U.S. October unemployment figures is also expected to affect the market, with economists expecting a decline of around 175,000 jobs. The unemployment rate is expected to rise to 9.9 percent.

“Should unemployment turn out to increase substantially above expectations of the IMF of 10.15 percent in 2010, U.S. gasoline demand is likely to erode further,” Vienna’s JBC Energy said.

Crude investors are also watching signs in recent weeks of a drop in U.S. oil supplies, which increased sharply this year as demand shrank. Some analysts forecast higher oil prices next year as the economy strengthens and demand recovers.

“We expect fundamentals to improve as oil demand growth resumes,” Morgan Stanley said in a report. “Until the oil market tightens, oil will be dragged in the wake of other risky asset price moves.”

Morgan Stanley said it expects oil to average $85 a barrel next year.

Crude has crisscrossed the $80 level for the last few weeks as investors mull weak U.S. consumer demand and a volatile dollar.

On Friday, the euro bought $1.4877 in European morning trading, up slightly from $1.4868 late Thursday in New York, while the British pound also rose to $1.6610 from $1.6586 and the dollar fell against the Japanese yen, buying 90.46 against 90.78 yen Thursday.more details :yahoonews