Crude oil rose for the first time in three day on hopes that European leaders will reach a deal to contain the region’s debt crisis. Futures gained as much as 3.3 percent as European finance ministers meet in Brussels today to lay the groundwork for an Oct. 23 gathering of government leaders for a solution to the debt crisis. Oil also rose after McDonald’s Corp. and Honeywell International Inc. reported profits that beat analyst estimates.
Crude for December delivery rose to $88.89 a barrel on the New York Mercantile Exchange. Prices are up 10 percent from a year earlier.
Brent oil for December settlement gained $1.74, or 1.6 percent, to $111.50 a barrel on the London-based ICE Futures Europe exchange. The North Sea crude’s premium to the U.S. benchmark narrowed to $22.90 amid speculation that Muammar Qaddafi’s death will increase Libyan output. The spread reached a record of $27.88 on Oct. 14.
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