China, Spain News Brings Oil Up Most in Eight Weeks

Reuters reported that following news that Spain okayed an austerity budget for 2013 and China plans to bolster its stimulus efforts, oil rose the largest amount in eight weeks.

As quoted in the market news:

Futures gained 2.1 percent and equities rose worldwide on signals China will announce measures to boost the economy. Spain’s Prime Minister Mariano Rajoy has promised to cut the deficit by at least 18 billion euros ($23.2 billion) next year. Oil also increased as gasoline reached a one-month high.

Crude oil for November delivery rose $1.87 to settle at $91.85 a barrel on the New York Mercantile Exchange, the biggest gain since Aug. 3. The contract fell to $89.98 yesterday, the lowest settlement since Aug. 2. Prices are down 4.8 percent this month and up 8.1 percent this quarter.

Brent oil for November settlement increased $1.97, or 1.8 percent, to end the session at $112.01 a barrel on the London- based ICE Futures Europe exchange. The European benchmark grade’s premium to West Texas Intermediate crude traded in New York widened to $20.16.

Click here to read the full Reuters report.