18 May '11, 6pm

GLOBAL MARKETS - Oil and copper rally lifting stocks, euro

NEW YORK (Reuters) - Inventory data boosted oil prices as other commodities prices rallied on Wednesday on a rebound from steep declines, helping lift global stocks after five straight days of losses. On Wall Street, stocks were led by gains in energy and basic materials shares, but traders remained cautious ahead of minutes from a Federal Reserve meeting expected later in the day. NYMEX and Brent crude prices rose after an overnight report of a surprise drop in U.S. gasoline inventories, followed Wednesday by an unexpected draw in crude supplies. U.S. crude, up almost 4 percent, traded above $100 a barrel for the first time this week. Brent crude jumped more than 2.5 percent to as high as $113 a barrel. U.S. crude is still down more than 11 percent this month. "The market was looking for a reason to trade higher and the draw at Cushing is that reason, I guess," said Bill ...

Full article: http://sg.news.yahoo.com/asia-stocks-rise-amid-caution-ov...

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