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West Texas Intermediate crude rebounded from a four-week low as a report showing that the U.S. economy grew at a slower pace in the first quarter than previously estimated spurred speculation the Federal Reserve would maintain stimulus measures.
rose along with equities and gold. The dollar fell to a three-week low against
the euro. Earlier, crude tumbled as much as 1.6 percent on the Commerce
Department report, which showed
WTI crude for July delivery advanced 36 cents, or 0.4 percent, to $93.49 a barrel at 11:41 a.m. on the New York Mercantile Exchange. Oil touched $91.65, the lowest level since May 2. The volume of all futures traded was 20 percent above the 100-day average for this time of day.
Brent oil for July settlement dropped 3 cents to $102.40 a barrel on the London-based ICE Futures Europe exchange. Volume for all contracts was 13 percent lower than the 100-day average. The European benchmark grade traded at a $8.91 premium to WTI. The spread was $8.89 yesterday, the widest based on closing prices since May 15.
The Standard & Poor’s 500 Index gained 0.6 percent, and the Dow Jones Industrial Average increased 0.4 percent. Gold climbed as much as 1.9 percent.
The dollar fell as much as 0.9 percent against the euro. A weaker dollar and stronger euro boost commodities’ appeal as an alternate investment.
futures maintained losses after the Energy Information Administration reported
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