Oil Rises From Nine-Month Low on Europe Measures, Supply Concern
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Oil rebounded from the lowest close in almost nine months in New York on speculation that European measures aimed at fighting the region’s debt crisis will spur demand for fuel.
Crude posted its steepest intraday gain in eight months, increasing as much as 4.5 percent and trimming the biggest quarterly decline since the final three months of 2008. Oil gained after euro-area leaders agreed to relax conditions on emergency loans for Spanish banks and possible help for Italy. Prices may advance after the European Union’s ban on the purchase, transport, financing and insurance of Iranian crude starts on July 1, a Bloomberg survey showed. Norway’s first industrywide energy strike since 2004 is in its sixth day.