Thursday, July 30, 2009

Oil and Gasoline Surge as Corporate Earnings Boost Confidence

Crude oil rose more than $3 a barrel and gasoline surged the most in four months after better than expected corporate earnings and as jobless claims held below late June levels. Oil gained as much as 4.9 percent as stocks advanced on increased optimism that the economic decline will ease. The number of people collecting unemployment insurance decreased for a third week, according to the Labor Department. A U.S. report yesterday showed that crude supplies unexpectedly climbed as demand lagged behind year earlier levels. “More people think the economy has bottomed and are buying equities and commodities as a result”.....Complete Story

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