Crude Toys With $63 in `Relief Rally' as Equities Recover - Bloomberg

Crude Toys With $63 in `Relief Rally' as Equities Recover - Bloomberg:

"Oil rebounded following an equity-driven selloff on Monday, emboldening some investors to gather riskier assets.

Futures advanced as much as 1.2 percent in New York following Monday’s 3 percent drop. Two U.S. blue-chip stocks rose for every one that fell. Expectations for continued growth in American crude stockpiles are keeping a lid on oil’s upward move.

“What we are seeing is a little bit of increase in risk appetite,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “We had a big selloff for no apparent reason other than the fact that equities were getting smashed. Now, there is a bit of a relief rally.”"



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