Crude Oil Climbs as U.S. Equities Advance, Dollar Retreats
- S&P 500 Index climbed after shares in Europe, Asia dropped
- OPEC flips forecast to predict 2017 rebound in rivals output
Which Way Will Oil Prices Break?
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Oil advanced as U.S. stocks rebounded from the biggest rout since June and as the dollar retreated against its peers.
Futures closed 0.9 percent higher in New York, after dropping as much as 2.5 percent earlier. Equities climbed as Federal Reserve Governor Lael Brainard counseled continued prudence in tightening monetary policy. The U.S. currency erased a 0.3 percent gain, making commodities more appealing as an investment. Prices declined earlier after U.S. producers increased drilling and OPEC boosted its estimate for rivals’ output next year.