Oil rebounds near $50 on stocks rally

Light, sweet crude for May delivery rose 1.25 dollars to settle at 49.66 dollars a barrel on the New York Mercantile Exchange. Crude futures dropped below 48 dollars a barrel in early trading as a few disappointing economic reports hit the market. The U.S. Consumer Confidence Index rose to 26.0 in March but still remains at record low level. Prices of U.S. single-family homes dropped a record 19 percent in January from a year earlier. And the Institute for Supply Management-Chicago index of business activity fell to the lowest point in nearly 30 years. But price started to pick up as the Wall Street set for a rally on the last day of this month. Financials and technology shares led the way up. The positive sentiment prompted the oil to gain and the price topped 50 dollars a barrel before settling a little lower. In London, Brent crude for May delivery rose 1.10 dollars to 49.09 dollars a barrel on the ICE Futures Exchange, Kazinform cites Xinhua.