Crude gains on hopes for Spanish bailout, more robust global growth By Investing.com

Crude gains on hopes for Spanish bailout, more robust global growth

CommoditiesSep 21, 2012 12:15PM ET

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Crude gains on hopes for Spanish bailout, more robust global growth

Investing.com - Crude oil futures rose in U.S. trading on Friday after reports surfaced that Spain may be closer to seeking a bailout.

Hopes that central bank stimulus measures around the world will spur more robust growth rates also pressured the commodity higher.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD92.94 a barrel on Friday, up 0.56%, off from a session high of USD93.83 and up from an earlier session low of USD92.70.

The Financial Times reported earlier that Spain is moving closer to requesting a sovereign bailout and is currently working on terms.

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would lower borrowing costs in the large European economy.

Yields on Spanish 10-year bonds this year have repeatedly soared above the 7% threshold considered unsustainable by the markets.

The news sparked demand for oil on sentiment a Spanish bailout will steer Europe away from further economic decline, which would crimp demand for energy and fuels.

Meanwhile, oil continued to see support stemming from the Federal Reserve's recent decision to roll out a third round of bond purchases from banks, a monetary policy tool known as quantitative easing.

The European Central Bank and the Bank of Japan have unveiled similar monetary policy tools to jolt their respective economies, which further sent oil gaining.

Ongoing tensions in the Middle East pushed the commodity upwards as well, especially due to escalating tensions within Libya.

An attack on the U.S. consulate have stoked concerns over the new government's ability to exercise its authority.

On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.84% and trading at USD110.95 a barrel, up USD18.01 from its U.S. counterpart.

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