Oil futures reach one-week high on Spanish bailout optimism

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Source: Bloomberg
© Scanpix/Rueters
Crude oil futures for November settlement were up by 31 cents to $92.40 during Asia trading hours. Oil price is pushed up by optimism that Germany might ease resistance to a bailout for Spain and provide a preventive credit line. Also, yesterday's data for the U.S. factories output exceeded estimations twice, as the figure rose by 0.4% in September. Today market is waiting for the U.S. crude oil inventories data, which according to estimations should increase by 1.4 million.
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