Gulf News reported that London Oil rose the most in more than 5 months in New York on speculation fuel demand will increase after Spain requested a European bailout to shore up its banks and China’s imports of crude climbed to a record.

Mr Luis de Guindos economy minister of Spain said that futures pared gains after advancing as much as 3%, the most since January 3. Spain will seek EUR 100 billion from Euro area nations.

China, the world’s second biggest crude consumer, increased imports of the commodity in May as costs fell, according to customs data. OPEC may maintain output quotas to keep prices at current levels when the group meets this week.

Mr Jeffrey Currie head of commodities research at Goldman Sachs Group Inc in New York said that price risks are shifting more to the upside. As policy makers continue to address the European debt issue and the economic data stabilizes markets will move substantially higher.

Brent for July settlement climbed 76 cents or 0.8% to USD 100.23 per barrel on the London based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at USD 15.32 per barrel, little changed from June 8th 2012.

Source - Gulf News

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