Oil Rises in New York on Spanish Bailout Optimism
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Oil advanced in New York after two German lawmakers said the country is open to Spain seeking a precautionary credit line from Europe’s rescue fund.
Futures rose 0.3 percent as officials in Chancellor Angela Merkel’s Christian Democratic coalition indicated an easing of German resistance to a Spanish bailout and Merkel praised Greece’s reform. Crude fell earlier on projections that U.S. supplies climbed last week. Brent oil’s premium to West Texas Intermediate, the U.S. benchmark grade, reached a one-year high.