Crude Rises on S&P Gain as Brent Premium Shrinks
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West Texas Intermediate crude rose for a third day as the Standard & Poor’s 500 Index advanced to an intraday record, bolstering speculation that fuel consumption will climb. Brent oil’s premium to New York futures shrank to the smallest level since June.
Futures increased 0.5 percent as the S&P 500 gained after Chinese imports grew, Japan reiterated its stimulus plans and on speculation earnings will beat estimates. Oil fell earlier when the Energy Information Administration said supplies grew 250,000 barrels to 388.9 million last week, the most since July 1990. The jump was less than the 1.5 million barrels forecast by analysts in a Bloomberg survey.