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GLOBAL MARKETS-Oil rises for seventh session, U.S. stocks rebound
June 30, 2017 / 7:43 PM / in 4 months

GLOBAL MARKETS-Oil rises for seventh session, U.S. stocks rebound

* Dollar racks up worst quarter in seven years

* Oil up for seventh session

* Nike lifts Dow, S&P (Adds oil, gold settlement prices)

By Dion Rabouin and Herbert Lash

NEW YORK, June 30 (Reuters) - Oil rose for a seventh straight session on Friday on a declining U.S. rig count and stronger demand data from China, while U.S. equities rebounded and were set to end a volatile week on an up-beat, helped by a double-digit jump in Nike shares.

The dollar recovered slightly but hawkish signals this week from the European Central Bank, Bank of England and Bank of Canada kept the greenback on track for its biggest quarterly decline against a basket of currencies in nearly seven years.

Among other sharp contrasts, the euro rose 7 percent in its best quarter since 2010, while the benchmark S&P 500 stock index was set to post its best first half of the year since 2013 and gold notched its first monthly loss this year.

U.S. drillers cut their rig count for the first time since January, energy services company Baker Hughes said, while Chinese factories boosted output at their fastest pace in three months.

The strong data from China “certainly gives you hope that demand is growing globally,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

U.S. crude futures settled up $1.11 at $46.04 a barrel, the first close above $46 in two weeks. Benchmark Brent crude futures rose 50 cents to settle at $47.92 a barrel.

Crude had slumped to a 10-month low last week as rising output revived concerns about global oil glut.

A weaker greenback has made dollar-denominated crude less expensive for purchasers using other currencies.

Ramped-up expectations for tighter monetary policy from major central banks and skepticism the Federal Reserve would be able to raise interest rates again this year has made the dollar less attractive.

The dollar index was last up 0.05 percent at 95.674, while the euro was down 0.17 percent against the dollar at $1.1420.

The euro touched its strongest in nearly 14 months on Thursday, at $1.1445, while the dollar index touched a roughly nine-month low of 95.470 early Friday.

Nike shares rose 10.5 percent after the world’s largest footwear maker reported a quarterly profit that topped estimates and said it would launch a pilot online sales program with Amazon.com.

Nike shares were the biggest boost to both the Dow industrials and the S&P 500.

The S&P technology index climbed 0.34 percent but was still on track to post its first monthly loss of the year.

The Dow Jones Industrial Average rose 99.25 points, or 0.47 percent, to 21,386.28. The S&P 500 gained 9.95 points, or 0.41 percent, to 2,429.65 and the Nasdaq Composite added 14.92 points, or 0.24 percent, to 6,159.27.

In Europe, shares closed lower and ended June with their biggest monthly loss in a year as worries over tighter monetary conditions soured the mood.

The pan-European FTSEurofirst 300 index of leading shares lost 0.44 percent while MSCI’s gauge of stocks across the globe rose 0.01 percent, lifted by Wall Street.

U.S. Treasury yields rose after inflation data was not seen as weak enough to delay the Fed’s expected path on rate hikes.

Benchmark 10-year notes fell 10/32 in price to yield 2.3037 percent, a six-week high.

Reporting by Herbert Lash; Editing by Nick Zieminski

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