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Oil Surges Most in More Than Three Years on European Relief Plan

Oil rose the most in more than three years on optimism that Europe’s debt crisis may be contained after leaders agreed to ease repayment rules for emergency loans to Spanish banks and relax conditions on help for Italy.

Futures gained 9.4 percent, trimming the biggest quarterly decline since the final three months of 2008, as leaders of the 17 euro countries dropped requirements that taxpayers get preferred creditor status on aid to Spain’s banks. Prices also advanced because a European Union ban on the purchase, transport, financing and insurance of Iran’s oil starts in July.