By Claudia Assis and Deborah Levine, MarketWatch
SAN FRANCISCO (MarketWatch) - Crude-oil futures on Tuesday rose for the first time in six days, as the weakening U.S. dollar and rising global equities boosted sentiment in the energy markets.
Crude oil for August delivery added $1.50, or 2%, to $73.65 a barrel, recapturing the $73 level after two days trading below it.
Crude prices rose "as the dollar weakened and stock markets rose on renewed confidence that the global recovery will stimulate fuel demands," said analysts at Action Economics.
Prices held despite a report showing a slower pace for the U.S. non-manufacturing sector, tracking stocks.
The Institute for Supply Management's U.S. non-manufacturing index declined to 53.8 in June, from 55.4 in May. Economists surveyed by MarketWatch had expected a read around 54.5. Readings above 50 signal growth.
Other energy products rose on Monday, with natural gas futures leading. Natural gas for September delivery, the most active contract, added 16 cents, or 3.5%, to $4.88 per million British thermal units.
Reformulated gasoline for August delivery added 5 cents, or 2.4%, to $2.02 a gallon.
After subdued trading on Monday, the dollar index (DXY 83.85, -0.76, -0.90%) , a measure of the greenback against a basket of six major currencies, fell to 83.94, compared to 84.41 in late North American trading on Friday. Read about dollar, euro.
U.S. stock opened higher, and held on to gains after the ISM report.
Crude-oil futures on Friday fell to their lowest level in nearly a month, a lackluster end of a week that brought oil down 8.5%. It was the biggest drop in eight weeks. Read about Friday's oil trading.
