Oil futures gain most in five months on Spanish bailout

Oil futures have risen to a five-month high on hopes of stronger demand for fuel following the announcement of the Spanish bailout.

Crude oil futures pared gains after advancing almost 3%, the largest gain since 3 January, up $2.54 to $86.64 a barrel on the New York Mercantile Exchange, according to Bloomberg. Brent for July settlement rose $2.11 or 2.1% to $101.58 a barrel on the London based ICE Futures Europe Exchange. This morning Asian stocks and the euro gained following news of the Spanish deal. Eurozone ministers agreed on Saturday to lend Spain up to €100bn to rescue its banks. News of China's increased imports of crude oil in the month of May will also have provided a boost to oil markets. The pric...