Oil Rises as Equities Increase, Dollar Declines Against Euro
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Crude oil rose as U.S. equities increased and the dollar dropped against the euro, bolstering the appeal of raw materials to investors.
Futures climbed 0.8 percent after the Standard and Poor’s 500 Index advanced, led by a gain in commodity companies. The U.S. currency slipped from the highest level versus the euro since April 1. Oil retreated earlier when the International Energy Agency cut its global demand estimate for this year by 190,000 barrels a day, or 0.2 percent.