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Oil climbed to a two-week high in New York as Spain raised more than its maximum target at a debt auction and the International Monetary Fund bolstered its global growth forecast.
Futures gained as much as 2.1 percent after Spain sold 3.18 billion euros of bills today, easing concern the credit crisis will spread. The IMF raised its outlook for 2012 and 2013 today.
The world economy will expand 3.5 percent this year and 4.1 percent in 2013, the Washington-based IMF said today in its World Economic Outlook, raising forecasts made in January from 3.3 percent for 2012 and 4.0 percent for next year. The U.S. will grow 2.1 percent this year and 2.4 percent in 2013, up from 1.8 percent and 2.2 percent in the lender’s January projections.
Crude oil for May delivery advanced to $105.07, the highest intraday price since April 3. Crude is up 5.8 percent this year.
Brent oil for June settlement rose 11 cents to $118.79 a barrel on the London-based ICE Futures Europe exchange.
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