Oil Rises for First Time in Three Days as US Equities 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 surged the most this month as the Standard & Poor’s 500Index climbed 1 percent. European stocks increased after Germaninvestor confidence jumped to the highest level in more thanthree years in August as Europe’s largest economy moved out ofrecession. The dollar dropped against the euro for the firsttime in three days, bolstering the appeal of commodities. “Oil is rising today because stocks are up and the dollaris a little weaker,” said Stephen Schork , president ofconsultant Schork Group Inc. in Villanova, Pennsylvania. “Thismarket is getting smacked around a lot. It’s following what’soccurring elsewhere.” Crude oil for September delivery increased $2.44, or 3.7percent, to settle at $69.19 a barrel at 2:44 p.m. on the NewYork Mercantile Exchange. It was the biggest gain since July 31.Oil has advanced 55 percent this year.

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