Crude oil rose for a fourth day, the longest stretch in two months, as advancing equities and a weaker dollar outweighed concern about lower fuel demand.
Oil gained 3.9 percent after better than expected earnings from American Express Co., Ford Motor Co. and Microsoft Corp. sent stocks higher. Prices fell earlier on signs the Organization of Petroleum Exporting Countries isn’t cutting output fast enough to reduce a supply glut. U.S. crude stockpiles are at their highest in nearly 19 years.
“The strength in equity markets is the main reason oil prices are higher,” said Bill O’Grady, chief markets strategist at Confluence Investment Management in St. Louis. “We are ignoring incredibly high inventories.”
Crude oil for June delivery rose $1.93 to settle at $51.55 a barrel at 2:50 p.m. on the New York Mercantile Exchange. Futures are up 16 percent this year. The June contract declined 1.8 percent this week.....Complete Story
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