Oil rose for the first time in six days as the dollar weakened and advancing equities reaffirmed confidence the global recovery will stimulate fuel demand. Crude reversed earlier losses of as much as 1.5 percent as European equity indexes climbed the most in a month.
The industry-funded American Petroleum Institute will release its report on fuel supply and demand levels tomorrow, a day later than normal because of yesterday’s Independence Day holiday, BusinessWeek says.
According to The Associated Press, oil prices rose to near $73 a barrel Tuesday in Asia, joining gains in stock markets and the euro. Benchmark crude for August delivery was up 42 cents to $72.55 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
The contract last settled on Friday, losing 81 cents to $72.14. U.S. markets were closed Monday for the Fourth of July holiday. Stocks markets in Europe and Asia rose Tuesday while the euro advanced to $1.2594 from $1.2537.