Oil Up on Equities, Potential Stimulus; Stocks May Swell
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Crude erased gains after rising for the first time in three days after a report showed U.S. retail sales declined in October for the first time in four months.
Futures rose as much as 0.7 percent before retreating. Retail sales in the U.S. fell in October for the first time in four months, influenced by the effects of superstorm Sandy. The 0.3 percent drop followed a 1.3 percent increase in September that was larger than previously reported, Commerce Department figures showed today in Washington. U.S. inventories probably climbed last week to the highest in more than three months, according to a Bloomberg survey before a government report tomorrow. U.S. equity futures rose.