Oil Climbs as Stock Markets Optimism Prevails

Oil Climbs as Stock Markets Optimism Prevails

Crude oil surged the most in a month as climbing stocks increased optimism the economic recovery is accelerating, and the dollar tumbled, bolstering investor demand for commodities.

Oil rose 2.9 percent as the Dow Jones Industrial Average advanced to the highest level since June 2008 after sales at companies from Intel Corp. to Yahoo! Inc. beat projections. The U.S. currency?s drop sent gold to a record and silver to a 31- year high. Futures extended gains after the Energy Department reported an unexpected decline in crude supplies.

Source: Oil Climbs as Stock Markets Optimism Prevails