Crude Oil Gains as US Stocks Trim Losses, Equity Futures Rise - Bloomberg

March 31 (Bloomberg) -- Crude oil rose for the first day inthree, as U.S. equities erased some of their losses after theclose of floor trading yesterday, and stock futures advanced.

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Oil is poised for its best-performing first quarter inthree years and its first positive quarter since the secondthree months of 2008. Prices fell the most in four weeksyesterday as tumbling equity markets signaled that the recessionin major energy-consuming countries may deepen, curbing fuel use. Oil has “mimicked” the Dow Jones Industrial Average, said Mike Sander , an investment adviser at Sander Capital AdvisorsInc. in Seattle. “The Dow rallied to only close down 250instead of 300, so oil traded a bit higher in the after hours.” Crude oil for May delivery rose 25 cents, or 0.5 percent,to $48.66 a barrel at 9:28 a.m. Sydney time on the New YorkMercantile Exchange. Yesterday, it fell $3.97, or 7.6 percent,to $48.41 a barrel, the lowest settlement on the Nymex sinceMarch 18. It was the biggest decline since March 2.

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