Crude Oil Rises, Set for Biggest Monthly Increase Since May - Bloomberg

March 31 (Bloomberg) -- Crude Oil rose, heading for itsbiggest monthly gain in almost a year, as equities increased anda weaker dollar enhanced the appeal of commodities.

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Oil climbed as much as 3.2 percent after European stocksrebounded from the largest drop in four weeks and U.S. futuresadvanced. Energy, metal and grain prices gained today as theU.S. currency’s drop made dollar-denominated goods moreattractive to buyers. “The fundamentals of the oil market have been shoved tothe background as we focus on the stock and currency markets,”said Jim Ritterbusch , president of Ritterbusch & Associates, aGalena, Illinois, energy consultant. “Oil is trailing theequity market and has been moving in the opposite direction ofthe dollar.” Crude oil for May delivery rose $1.26, or 2.6 percent, to$49.67 a barrel at 9:04 a.m. on the New York MercantileExchange. Oil has gained 11 percent this quarter after tumbling56 percent in the previous three months. This month’s 11 percentincrease was the biggest since the 12 percent jump in May 2008.

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