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MTECHTIPS:-Crude oil surges on Spanish aid deal, China crude imports
Crude oil futures posted sharp gains during European morning trade on Monday, as market sentiment improved after Spain sought a bailout for its troubled banking sector over the weekend. Appetite for riskier assets found further support after data over the weekend showed China's oil imports rose to a record high in May.On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD85.41 a barrel during European morning trade, climbing 1.55%.It earlier rose by as much as 2% to trade at USD86.64 a barrel, the highest since June 7, when prices touched USD87.00.Appetite for riskier assets improved after euro zone finance ministers agreed on Saturday to lend Spain up to EUR100 billion to shore up its struggling banks, relieving markets that had feared a fiscal collapse in the country.
Crude oil futures posted sharp gains during European morning trade on Monday, as market sentiment improved after Spain sought a bailout for its troubled banking sector over the weekend. Appetite for riskier assets found further support after data over the weekend showed China's oil imports rose to a record high in May.On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD85.41 a barrel during European morning trade, climbing 1.55%.It earlier rose by as much as 2% to trade at USD86.64 a barrel, the highest since June 7, when prices touched USD87.00.Appetite for riskier assets improved after euro zone finance ministers agreed on Saturday to lend Spain up to EUR100 billion to shore up its struggling banks, relieving markets that had feared a fiscal collapse in the country.
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