Crude Oil Rises for First Time in Three Days as Stocks Advance - Bloomberg

By Mark Shenk Aug. 18 (Bloomberg) -- Crude oil rose for the first time inthree days as U.S. equities climbed after better-than-estimatedearnings at Home Depot Inc. and Target Corp.

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Oil rebounded as the Standard & Poor’s 500 Index gained asmuch as 1.1 percent, the first increase in three sessions.European stocks increased as German investor confidence jumpedto the highest level in more than three years in August aftergovernment stimulus and rising exports pulled Europe’s largesteconomy out of recession. “Oil traders think that a higher S&P will bring betterdemand for oil products in the months ahead,” said Tim Evans ,an energy analyst with Citi Futures Perspective in New York.“Whether data is good, bad or indifferent, if equity marketsmove higher, oil traders become bullish.” Crude oil for September delivery increased $1.55, or 2.3percent, to $68.30 a barrel at 12:30 p.m. on the New YorkMercantile Exchange. Futures are headed for the biggest gainsince Aug. 3. Oil has gained 53 percent this year.

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