Oil price rises as economic fears abate

Oil traded near the highest close in two weeks after concerns eased that an economic slowdown may curb crude demand.

18th April, 2012
Crude for May delivery was at $104.31 a barrel, up 12 cents.

Oil traded near the highest close in two weeks after the International Monetary Fund boosted its growth outlook and a Spanish debt sale raised more than planned, easing concern that an economic slowdown may curb crude demand.

Futures were little changed in New York after gaining for a second day yesterday. The IMF increased its 2012 global growth forecast to 3.5 percent from 3.3 percent and said oil will advance 10 per cent this year...

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