Oil Rises on German Acceptance of Spanish Bailout

Bloomberg reported that oil rose on the NYMEX following news that German officials have reduced their resistance to a Spanish bailout.

As quoted in the market news:

Crude oil for November delivery increased 24 cents to $92.09 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 9. Prices are down 6.8 percent this year.

Brent oil for November settlement dropped 73 cents, or 0.6 percent, to $115.07 a barrel on the London-based ICE Futures Europe exchange. The contract expires today. The December futures slipped 40 cents, or 0.3 percent, to $114.

Click here to read the full Bloomberg report.