Oil Rises From Two-Month Low as Equities Gain, Dollar Slips
- S&P 500 Index extends its record a fourth day, Dow advances
- WTI tumbled Wednesday on unexpected U.S. gasoline supply gain
Oil Prices Tumble After EIA Report
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Oil climbed as global equity markets advanced while the weakening dollar bolstered commodities.
Futures rose 2.1 percent in New York as stock markets rose worldwide on speculation that stimulus will be increased. The greenback declined against most of its peers, making raw materials denominated in the currency more appealing to investors. Oil tumbled Wednesday after government data showed U.S. gasoline inventories unexpectedly rose last week.