Oil Is Little Changed After Rising on Equity Gains, Dollar Drop - Bloomberg

By Mark Shenk and Samantha Zee April 24 (Bloomberg) -- Crude oil traded little changed inNew York after rising in the past three days as U.S. equitymarkets gained and the dollar dropped against the euro,bolstering the appeal of commodities.

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Oil jumped 1.6 percent yesterday after U.S. stocks advancedas better-than-estimated earnings at companies from MarriottInternational Inc. to ConocoPhillips and EBay Inc. overshadowedfalling home sales and higher jobless claims. The decline in theU.S. currency increased demand for crude and precious metals asa hedge against inflation. “Investors seem to have no problem buying stocks with verylow earnings because they feel earnings will go much higher,”said Mike Sander , an investment adviser at Sander CapitalAdvisors Inc. in Seattle. “The positive move is passing ontothe oil market and keeping it up near $50 a barrel.” Crude oil for June delivery traded at $49.69 a barrel, up 7cents, at 7:24 a.m. Singapore time on the New York MercantileExchange. Yesterday, crude futures rose 77 cents to settle at$49.62 a barrel. Prices are up 11 percent this year.

Full Story: Oil Is Little Changed After Rising on Equity Gains, Dollar Drop - Bloomberg