Crude Oil Erases Loss in New York as Equity Futures Advance
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Crude rebounded in New York to trade near a 31-month high, reversing an earlier decline as U.S. equity-index futures advanced following company earnings reports that exceeded analyst estimates.
Oil recovered from a 1 percent decline as June futures on the Standard & Poor’s 500 Index gained as much as 0.5 percent, after companies including United Parcel Service Inc. and Ford Motor Co. reported higher-than-estimated earnings. Federal Reserve Chairman Ben S. Bernanke is due to hold his first press conference following a policy meeting of the Federal Open Market Committee that begins today.