SF: Crude Oil Climbs as Equities Advance on Earnings, Takeovers
July 19 (Bloomberg) -- Crude oil climbed for the first time in four days as U.S. index futures and European equities rallied on better-than-forecast earnings and takeover offers.
Oil rose as much as 0.8 percent after Halliburton Co. reported profit that beat estimates. Nokia Siemens Networks said it will pay $1.2 billion for wireless network assets from Motorola Inc., while buyout firm Onex Corp. and the Canada Pension Plan Investment Board are considering a 2.9 billion- pound ($4.4 billion) bid for Tomkins Plc.
"The economy continues to be the main focus of traders," said Peter Beutel, president of trading adviser Cameron Hanover Inc. in New Canaan, Connecticut.
Crude oil for August delivery rose 51 cents, or 0.7 percent, to $76.52 a barrel at 9:21 a.m. on the New York Mercantile Exchange. The August contract expires tomorrow. More- active September futures increased 46 cents, or 0.6 percent, to $76.84 a barrel.
"This will probably be a rather boring expiration," said Addison Armstrong, director of market research at Tradition Energy, a Stamford, Connecticut-based procurement adviser. "Gasoline demand is pretty weak, so refiners won't need to rush out and get crude."
Brent crude oil for September settlement climbed 52 cents, or 0.7 percent, to $75.89 a barrel on the London-based ICE Futures Europe exchange.
