April 24 (Bloomberg) -- Crude oil rose for a fourth day,the longest stretch in two months, as advancing equities and aweaker dollar outweighed concern about lower fuel demand.
Oil gained as much as 4.3 percent after better-than-expected earnings from American Express Co., Ford Motor Co. andMicrosoft Corp. sent stocks higher. Prices fell earlier on signsthe Organization of Petroleum Exporting Countries isn’t cuttingoutput fast enough to reduce a supply glut. U.S. “The strength in equity markets is the main reason oilprices are higher,” said Bill O’Grady , chief markets strategistat Confluence Investment Management in St. Louis. “We areignoring incredibly high inventories.” Crude oil for June delivery rose $1.73, or 3.5 percent, to$51.35 a barrel at 12:54 p.m. on the New York MercantileExchange. Futures are up 15 percent this year. Prices areheading for a 2 percent weekly gain, the first increase in threeweeks.
Full Story: Oil Rises Fourth Day as Stocks, Dollar Outweigh Demand Concern - Bloomberg
Oil gained as much as 4.3 percent after better-than-expected earnings from American Express Co., Ford Motor Co. andMicrosoft Corp. sent stocks higher. Prices fell earlier on signsthe Organization of Petroleum Exporting Countries isn’t cuttingoutput fast enough to reduce a supply glut. U.S. “The strength in equity markets is the main reason oilprices are higher,” said Bill O’Grady , chief markets strategistat Confluence Investment Management in St. Louis. “We areignoring incredibly high inventories.” Crude oil for June delivery rose $1.73, or 3.5 percent, to$51.35 a barrel at 12:54 p.m. on the New York MercantileExchange. Futures are up 15 percent this year. Prices areheading for a 2 percent weekly gain, the first increase in threeweeks.
Full Story: Oil Rises Fourth Day as Stocks, Dollar Outweigh Demand Concern - Bloomberg
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