Oil Climbs a Second Day as Equity Gains Allay Supply Concern

Oil rose for a second day in New York, buoyed by advancing equity markets and speculation that crude’s 7 percent drop this month has been excessive relative to the economic outlook.

Oil climbed as much as 1.7 percent after a U.S. government report showed that last week’s jobless claims fell more than economists had estimated. European stocks rebounded from a five-week low and the MSCI Asia Pacific Index snapped two days of losses. The investment appeal of commodities was boosted as the dollar weakened against all but two of its 16 most-traded peers.