Tuesday, July 21, 2009

Crude Oil, Gasoline Rise as Earnings Signal Recession Is Easing

Crude oil rose and gasoline climbed a sixth day, the longest stretch since January, as better than expected earnings at Caterpillar Inc. signaled the recession may be easing in the world’s biggest fuel consuming country. Oil increased as stimulus programs and improved credit markets bolstered profits at the biggest maker of earth moving equipment. Per share earnings beat projections by an average of 14 percent for the 70 companies in the S&P 500 that reported quarterly results since July 8. U.S. crude oil supplies probably fell last week.....Complete Story

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