Oil Advances as Earnings Boost Confidence in Economic Rebound

Oil climbed for a third day in New York as better-than-estimated earnings boosted confidence in the strength of the economic rebound, signaling that fuel demand will increase.

Futures rose 0.8 percent and stocks extended this year’s biggest global rally after Apple Inc. said yesterday second-quarter profit almost doubled. The dollar dropped to a 16-month low against the euro, bolstering demand for raw materials. Oil also gained after a report yesterday showed that U.S. crude-oil supplies fell for the first time since February.