Oil Rises a Second Day, Climbs Above $100, as European Growth Accelerates

Crude oil rose for a second day in New York after stronger-than-forecast economic growth figures for the euro zone fanned speculation that fuel demand in Europe will increase.

Futures climbed as much as 1.7 percent to more than $100 a barrel. Gross domestic product growth in the 17-nation euro region accelerated to 0.8 percent from 0.3 percent, the European Union’s statistics office said, beating the 0.6 percent median forecast in a Bloomberg survey. The Bank of Korea unexpectedly kept interest rates unchanged after two increases this year.

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“Long-term and medium-term we’re still structurally bullish,” Currie said today in London. Volatility in oil prices will begin to stabilize next month and prices are likely to be higher in 12 months, he said.

Germany and France powered economic growth in the euro area in the first quarter as booming exports fueled domestic spending in the bloc’s core, offsetting turmoil sparked by sovereign debt woes in Greece, Ireland and Portugal.

http://www.bloomberg.com/news/2011-05-13/crude-oil-rises-for-a-second-day-in-new-york-gaining-as-much-as-0-4-.html

Thanks for the propaganda Bloomberg.