BANGKOK (AP) ? Hopes that the global economy might see some improvement after Spain announced far-reaching steps to fix its ailing economy helped keep oil prices on the upswing for a second day.
Benchmark oil for November delivery was up 47 cents to $92.32 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.87 to finish at $91.85 per barrel on the Nymex on Thursday.
Brent crude gained 32 cents to $112.33 on the ICE Futures Exchange in London.
"Risk appetite improved yesterday on the Spanish budget," analysts at Credit Agricole CIB in Hong Kong said in a market commentary. "With the Spanish budget paving the way for an official bailout request ... renewed concern about the Eurozone crisis has eased."
After three straight days of declines, oil posted gains in Asia on Thursday, helped by expectations the People's Bank of China will soon take more steps to stimulate the world's No. 2 economy. Spain later announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
Still, oil analyst Stephen Schork said he expects "high volatility" as oil contracts for October expire.
In other Nymex trading:
? Heating oil rose 0.7 cent to $3.158 per gallon.
? Wholesale gasoline gained 0.8 cent to $2.905 per gallon.
? Natural gas fell 0.1 cent to $3.296 per 1,000 cubic feet, a high for the year.
Source: http://news.yahoo.com/oil-prices-march-upward-second-day-055051166.html
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