Oil Gains for First Day in Four as Equities Spur Demand Hopes
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Crude oil rose for the first time in four days as advancing equity markets buoyed confidence that the economic rebound will stimulate fuel demand.
Hedge funds last week boosted their holdings of crude oil futures and options to the highest level in 13 weeks in a bet that Tropical Storm Bonnie would delay imports to states along the Gulf of Mexico, reducing supplies. The dollar traded close to a three-month low against the euro, enhancing the appeal of commodities for hedging against inflation.