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Oil Gains Amid Optimism for Spain & US Growth

October 17, 2012 at 2:23 by Vladimir Vyun

Crude oil rose for the second day on optimism about Spain. It looks like Germany’s opposition for aiding the indebted country eased, opening the way for Spain’s rescue. And bailouts are usually bullish for commodities.

US industrial production rose 0.4 percent in September, the rate of growth being two times the forecast of analysts. Signs of economic recovery in the United States remain a bullish factor for oil. US inventories of crude probably increased 1.4 million barrels last week, according to estimates before the government report today.

Crude oil (light sweet) rose from $91.66 to $92.36 per barrel on NYMEX yesterday. Brent crude was up $0.2 (0.18 percent) to $113.8 per barrel as of 2:16 GMT on ICE today.

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