Crude Oil Trades Near Five-Week High on Gains in Stock Markets - Bloomberg

By Ben Sharples and Christian Schmollinger May 4 (Bloomberg) -- Crude oil traded near a five-week highas gains in the stock market increased optimism that the globaleconomy is recovering.

Forklift Oil Tank manufacturing facility.

Oil rose last week as an improvement in U.S. consumerconfidence raised expectations fuel demand will increase. Asianequities climbed today on a report that manufacturing in China,the world’s second-largest crude user, had gained for the firsttime in nine months. “The market is very much ignoring the current negativesupply fundamentals and looking to derive positive demandfundamentals from equity market performances,” said MarkPervan, a senior commodity strategist at Australia and NewZealand Banking Group Ltd. in Melbourne.

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