Oil Advances With Equities as Brent’s Premium Widens

Oil advanced with U.S. equities on a report that housing prices fell less than expected and speculation that inventories declined last week. Brent crude’s premium to New York futures widened the most in four months.

Crude reversed losses in late trading as the Standard & Poor’s 500 Index gained, led by homebuilders. The S&P/Case-Shiller index of property values in 20 cities fell 1.9 percent in April from a year earlier, the smallest drop since November 2010. Oil stockpiles may have fallen 1.3 million barrels last week, the median estimate of 12 analysts surveyed by Bloomberg.