West Texas Intermediate crude rebounded from a four-week low as a report showing that the U.S. economy grew at a slower pace in the first quarter than previously estimated spurred speculation the Federal Reserve would maintain stimulus measures.

Futures rose along with equities and gold. The dollar fell to a three-week low against the euro. Earlier, crude tumbled as much as 1.6 percent on the Commerce Department report, which showed U.S. gross domestic product rose at a 2.4 percent annualized rate, less than the 2.5 percent initially reported. The median forecast in a survey was for no revision.

WTI crude for July delivery advanced 36 cents, or 0.4 percent, to $93.49 a barrel at 11:41 a.m. on the New York Mercantile Exchange. Oil touched $91.65, the lowest level since May 2. The volume of all futures traded was 20 percent above the 100-day average for this time of day.

Brent oil for July settlement dropped 3 cents to $102.40 a barrel on the London-based ICE Futures Europe exchange. Volume for all contracts was 13 percent lower than the 100-day average. The European benchmark grade traded at a $8.91 premium to WTI. The spread was $8.89 yesterday, the widest based on closing prices since May 15.

The Standard & Poor’s 500 Index gained 0.6 percent, and the Dow Jones Industrial Average increased 0.4 percent. Gold climbed as much as 1.9 percent.

The dollar fell as much as 0.9 percent against the euro. A weaker dollar and stronger euro boost commodities’ appeal as an alternate investment.

Earlier, futures maintained losses after the Energy Information Administration reported that U.S. stockpiles climbed 3 million last week to 397.6 million, the highest level since 1931.

Gold prices rose to two-week high thanks to the downturn in the Asian stock market, but the precious metal is still at risk of losing appeal as a safe asset amid fears of incentive programs to reduce the Fed.

Since the beginning of the year, spot prices have decreased by 16 percent in April after falling to two-year low, due to signs of improvement in the global economy and fears that central banks start tightening policy.

High premiums for bullion in Asia suggests that jewelers and individual investors are willing to buy gold at lower prices. Premiums in Singapore rose to a record $ 7 an ounce to the spot price in London due to insufficient supply.

Gold demand in Asia will be a record in the second quarter, as buyers in the region acquire the metal entering the market as a result of inventory reduction ETFs (ETF), said on Wednesday the World Gold Council.

The cost of the June gold futures on COMEX today rose to 1417.50 dollars an ounce.

Change % Change Last

GOLD 1,392.90 14.00 1.02%

OIL (WTI) 93.15 -1.86 -1.96%