Oil’s Rebound Drove Up The Thomson Jefferies

Crude futures jumped 1.7 percent to $100.74 a barrel, while the S&P 500 fell 0.4 percent to 1,279.56 at 4 p.m. in New York, posing a sixth straight loss. The Stoxx Europe 600 Index slid 1.1 percent, falling for a sixth straight day, and German 10- year bond yields dropped four basis points to 3.05 percent. The yen gained 1.4 percent against the Norwegian krone and 1.1 percent versus the euro.

Oil’s rebound drove up the Thomson Reuters/Jefferies CRB Index of commodities, which climbed 0.6 percent. Copper futures for July delivery slumped 1 percent to $4.1085 a pound. Gold for August delivery declined 0.3 percent to $1,538.70 an ounce. Through yesterday, crude climbed 8.4 percent in 2011, beating the 3 percent return with dividends from the S&P 500 and the 4.1 percent advance by the CRB measure.

"Energy, oil are getting some play after the OPEC meeting," said Eric Green, a money manager at Penn Capital Management in Philadelphia, which oversees $6.5 billion. You’re just seeing a listless market with a couple of areas that look attractive. People who have wanted to sell have sold.

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